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 Institute on capital market by August

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Posts : 98
Join date : 2010-05-25

PostSubject: Institute on capital market by August   Tue Jun 01, 2010 12:39 am

Kayes M Sohel

The government is likely to launch an educational institute on capital market by August aiming at creating skilled professionals for the country's growing securities market, officials said Monday.

Dearth of skilled and efficient people in the country's securities market has prompted for establishing such institute styled Bangladesh Institute of Capital Market (BICM) for the first time in the country.

The finance ministry has already sanctioned Tk 100 million for setting up the institute in the current fiscal year.

To give it full-fledged shape, a total of Tk 300 million is required in next five years, but it will initially start its operation with the available fund. The office space has already been rented at the BGIC Tower in the city.

"The BICM might start its journey by August," said Ziul Haque Khondker, chairman of the Securities and Exchange Commission, told the FE.

Another source familiar with the process to set up the BICM said, "To give it a complete shape, a total of Tk 300 million will be required over the next five years."

"Rest of the fund will be raised from different stakeholders including listed companies and merchant banks," he said adding that BICM will start its journey soon this year.

Initially, the BICM will offer short-term training course on capital market to impart training to the interested person including working officials in the market. Masters, M Phil and PhD courses also will be introduced in future.

"For long, we feel such type of institute in the face of shortage of skilled and efficient professionals in the securities market," said Khondker.

"Finally, it comes to reality. Such institute is the demand of the hour as the markets growing," he added.

"The fund given by the government for setting up the institute is a testimony of its great interest in development of the capital market," he said.

The working committee, formed one year-back, made recommendations, including terms and conditions for appointment of an executive president or chief executive officer of BICM. It is working on introducing the organogram of the BICM soon.

In 2005, former SEC chairman Mirza Azizul Islam first initiated the move to establish a capital market training institute, its pace of progress slowed for different reasons.
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