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An Assignment on-

Capital Market Operation in Bangladesh

Prepared For:
Abdullah Al Mamun
Assistant Professor & Chairman
Department of Business Administration

An Assignment
Capital Market Operation in Bangladesh

Submitted to:
Abdullah Al Mamun

Assistant Professor & Chairman

Department of Business Administration

Submitted by:

The Edutainers
BBA 1st Batch

Section: A

Date of Submission: 24 November, 2013

Group Details

Sl Name ID Email

1. Sarif Ahamed Sawon 120216034

2. Sayeda Israt Jahan 120216132

3. Jannatul Ferdows 120216020

4. Mijanur Rahman 120216002

5. Md. Sourav Hossain 120216037

6. Helena Akter 120216124

7. Sabbir Ahamed 120216003

8. Rita Akter 120216006

9. Azaaz Munshi 120216086

Letter of Transmittal

November 24, 2013

Abdullah Al Mamun
Assistant Professor & Chairman
Department of Business Administration
Subject: Submission of An Assignment focused on Capital Market Operation in

Dear Sir,
Here is our study assignment that you assigned us; to submit as a partial requirement youre
your course namely Principles of Finance. While preparing this assignment we have
gone through the face to face conversation with the respondents as well as internet,
newspaper, journals & different study assignment that are available in the secondary
sources. Actually this study is very much relevant with our course and we have learnt a lot
about practical field of this course, & hope that will be very much beneficial for our
Principles of Finance decision making. We have put our best effort yet it is very likely that
the assignment may have some mistake and that are unintentional. I hope that the
assignment will meet your expectation.
We shall be glad to answer any kind of question about any matter relating to this assignment
and shall be pleased to provide further clarification if necessary.

Yours Faithfully,
The Edutainers


First, it is the Almighty ALLAH who gives us the sense to understand what is right and
wrong. We have to prepare with proper acknowledge and information which we got from
various sources of references.
At this point, we would like to acknowledge some of the people who have made a major
contribution to prepare the assignment. First of all, Assistant Professor & Chairman Abdullah
Al Mamun, study assignment instructor, who has given us the instructions to prepare the
assignment correctly? We highly grateful to some individual who conducted the study on the
same topic help us a lot and make us easy in preparing this assignment.


SL. No. Particulars Page No.

Preliminary pages:
Letter of Transmittal
01 07
Capital Market
02 Capital Market of Bangladesh 07
03 Operation of Primary & Secondary Market 08-10

04 Five Step of IPO 11

04 Instrument of Capital Market:

I. Share
II. Debenture
III. Bonds
05 Stock Issue
06 Investors Share Purchase
07 Stock Market Strength
08 Stock Market Weakness
11 Stock Market Opportunity
12 Stock Market Threat
12 Conclusion

Capital market:
Capital markets are financial markets for the buying and selling of long term debt. Capital
market is a market where buyers sellers engage in trade of financial security like bond etc.
A market in which individuals and institutions trade financial securities.
Organizations/institutions in the public and private sectors also often sell securities on the
capital markets in order to raise funds. Thus, this type of market is composed of both the
primary and secondary markets. The capital market is market for securities, where companies
and Governments can raise long-term funds. It is a market in which money is lent for periods
longer than a year. The capital market includes the stock market and the bond market. Capital
market is the group of interrelated markets, in which capital in financial form is, lend or
borrowed for medium and long term and, in cases such as equities, for unspecified periods.

Capital market of Bangladesh:

The capital market of Bangladesh is considered to be one of the emerging markets in the
context of the global financial system.
Objectives: To develop a balanced, stable and resilient capital in Bangladesh
The capital market of Bangladesh is the third largest in the South Asia and one of the
smallest in Asia. There are two full- fledged automated stock exchanges: Dhaka Stock
Exchange (DSE) and Chittagong Stock Exchange (CSE). After many years of operations
of the exchanges, the Bangladesh Securities and Exchange Commission (BSEC) was
established in 1993 to regulate the businesses of the exchanges, ensure proper issuance
of securities and compliance with laws and protect the interests of securities Investors.

Types of Capital Market:

i. The Primary Market

The primary market deals with newly issued securities and is responsible for generating new
long-term capital.
ii. The secondary Market
The secondary market handles the trading of previously- issued securities, and must remain
highly liquid in nature because most of the securities are sold by investors.

Operation of Primary & Secondary Market:

Investors Share purchase:

Investor shares: Mutual fund shares purchased by individual investors as opposed to
institutional shareholders.
Stock Market: Participants in the stock market range from small individual stock investors to
large hedge. Provide a bid and ask price at which they will always purchase or sell their
A share of stock is the smallest unit of ownership in a company. Investors buy preferred stock
for its current income from dividends, so look for companies that make big profit to use.

Investment Bangladesh stock market (CSE and DSE):

Investment in primary and secondary market share is eligible for investment allowance. The
steps necessary in order to buy / sell share in Bangladesh stock.

Primary Market: Primary markets are facilitated by underwriting groups, which consist of
recall that the stock market is actually comprised to two markets.
Knowing how the primary and secondary markets work is key to understanding how stocks
trade. Without them, stock market would be much harder to capital market depends on
primary market. Companies, governments or public sector intuitions can obtain funds through
the sale of a new stock or bond issues through primary market.
The capital market is divided into a primary and a secondary market. In a first step, securities
such as share and bonds are placed directly with investors.
The primary market refers to where shares are created, are sold by the issuing company to the
financial benefit in the form of raising capital is the most distinct
A company issues new shares or debentures it is known as initial public offering (IPO)
The primary market is that part of the capital markets that deals with of a new stock issue,
this sale is an IPO.
The issuance of new securities companies, government or public sector institutions can obtain
funding through the sale of a new stock or bond issue. This is typically done through a
syndicate of securities dealers.

Features of Primary Markets:
This is the market for new long term equity capital. The primary market is the matter where
the securities are sold for the first time. Therefore it is also called the new issue market (NIM)
In a primary issue, the securities are issued by the company directly to investors. The
company receives the money and issues new securities certificates to the investors.
Primary issues are used by companies for the purpose of setting up new business or for
expected or modernizing the existing business.
The primary market performs the crucial function of facilitating capital formation in the
Methods of issuing securities in the primary market are
Initial Public Offering: Rights issue (for existing companies), preferential issue.
In stock market the initial public offer constitutes the primary market.
When someone deals in already issued shares then it is of secondary market
A newly issued IPO will be considered a primary market trade when the shares are firs
purchased by investors.

Secondary Market: also known as the aftermarket is the financial market where previously
issued securities and financial instruments such as stock, bonds, options, and features are
bought and sold.
The term secondary market is also used to refer to the market for any used goods or assets, or
an alternative use for an existing product or asset where the customer base is the second
market. (Ex- corn has been traditionally used primarily for food production and feed stock.
But a second or third market has developed for use in ethanol production)
Secondary market term is to refer to loans which are sold by a mortgage bank to investors
such as Fannie Mac and Freddie Mac.
Secondary Market: A market where investors purchase securities or assets from other
investors, rater from issuing companies themselves.
The market in which securities are traded after they are initially offered in the primary
market. Most trading occurs in the secondary market.
Secondary market the market where existing loans, Marketable securities, stock, bonds, and
other assets are sold to investors, either directly or through.
A market in which an investors purchase a securities from another investor rather than the
issuer, The secondary market is a financial market in which investors buy and sell financial
products directly from each other.

Secondary markets can be said to exist in some real estate context as well (e.g. ownership
shares of time-share vacation homes are bought and sold by investors, traders and
speculations alike.
Secondary markets or private share such as second market and share post provide founders,
employees, angels and institutional investors
The process of selling new issues to investors is called under writing in the case of a new
stock issue. This sale is an initial public offering (IPO).
Dealers earn a commission that is built into the price of the security offering through it can be
found in the prospectus.

The first sale of stock by a private company to the public. IPO are often issued by smaller,
younger companies seeking the capital to expand, but can also be
The main purpose of an IPO is to raise capital for the corporation.
IPOs are offer stock for sale to the public the first time.
IPO concepts an initial public offer is the selling of securities to the basic steps for a company
venturing and IPO is the primary market.
The IPO process requires SEC and shareholder approval, in addition to choosing an exchange
and trading symbol.

Preparing an IPO
When a corporation decides to go public a portion of it will be put up for sale to the public
through the sale of stock. An IPO is the first offering of shares of a privately held to have an
IPO is to bring money into the Business. It is often the main way that a startup company will
be able to make the money it needs to succeed in the market.

To preparing an IPO there are 5 steps available & they are given below:

1. Determine if company is eligible to go public: in order to qualify for an IPO,

generally the business must be proven to be profitable and have a significant amount
of assets. Since there are no set requirements to define eliginlity, consider scheduling
a meeting with an investment banker on outside consultant to determine whether your
company is of the type that the public would want to invest in.
2. Contract with an investment banker: an investment banker will help determine
how much money you should raise, at what price the shares should be sold, and what
portion of the company should be offered in the IPO. The investment banker serves as
an underwriter in that will agree to purchase all of the shares that the company
decides to offer.
3. Draft a prospect and file it with the Securities and Exchange Commiss ion (SEC):
The SEC call this document S-1 Its purpose is to disclose the details of the
company. In the initial prospectus the first document filed the firms of the IPO C the
number of shares and the price per share will likely no be finalized, but they are
included as an estimate of what the final terms will be the initial prospectus is filed
early on the IPO process. In the final prospectus, filed shortly before the IPO. The
amount of shares and share price of the offering are fixed.

Present the opportunity to potential shareholders: Before the actual IPO, the Banker and
the corporations top officials will give presentations to individuals and offer organizations to
entice them to purchase the shares of the IPO. The investment banker selects the potential
investors based on the type of business that wishes to go public and the interest that the
potential investor may have in the corporation. This process results in non-binding
commitments called subscriptions, to purchase shares. It is Longley used as a tool to
determine whatever the public will be interest in investing in the company, as discussed in the
first step, as well as to determine the price of the shares.
4. Sell the shares to the investment banker: On the day of the IPO, The investment
banker will purchase the shares and simultaneously sell them to investors. The
bankers purchase price is the IPO price minus the commission, which usually havers
around 7 percent. The shares can now be publicly traded.

The primary role of the capital market is to raise long-term funds for governments, banks,
and corporations while providing a platform for the trading of securities. This fund rising is
regulated by the performance of the stock and bond markets within the capital market.

Bangladesh capital market is one of the smallest in Asia but the third largest in the south Asia
region. It has two full- fledged automated stock exchanges namely - Dhaka Stock Exchange
(DSE) and Chittagong Stock Exchange (CSE). It also consists of a dedicated regulator, the
Securities and Exchange Commission (SEC), since, it implements rules and regulations,
monitors their implications to operate and develop the capita market.
Nature of Dhaka Stock Exchange
There are four markets in the system
Public Market
Only trading of market lot share is done here through automatic matching.
Spot Market
Spot transactions are done here through automatic matching which must be settled within 24
Block Market
A place where bulk quantities of shares are traded through pick and fill basis.
Odd Lot Market
Odd lot scripts are traded here based on pick and fill basis.

Market System:

Buying a Mutual Fund Directly from a Mutual Fund Company

If we know you want to have your money invested in a specific mutual fund, you can
often open an account directly with the mutual fund itself. We have to fill out
paperwork online, mail it in with a check, and tell the company whether want to open
a regular account, or a special account such as a retirement Roth IRA or Traditional
IRA. We can even set it up so that the mutual fund automatically makes investments
for by regularly withdrawing money from our checking or savings account each
month! This technique, called dollar cost averaging, is a fantastic way to smooth out
the average price you pay for our mutual fund shares and helps lower the risk that put

all your money in the market at a peak, such as the day before the dot-com crash orthe
Wall Street meltdown that started the Great Recession in 2008.
The biggest advantage to buying mutual fund shares directly from the mutual fund
company itself is that we often won't get charged a commission, meaning more money
goes into our investments and is working for you.
For example: The ticker symbol is a short code assigned by the stock exchange to represent an
investment. If you were buying shares of Coca-Cola, for example, the ticker symbol is KO. If you
were buying shares of the Tweedy Browne Global Value Fund, a mutual fund, tend the basics of
using mutual funds in your portfolio

5 Ways to Place Your Stock Order

There are five different types of stock orders that your broker will likely let you use. They

1. Market Order
2. Limit Order
3. Stop Order
4. Stop-Limit Order
5. Trailing Stop Order

Market Order:

A market order is a request to purchase or sell a stock at the current market price. Market
orders are pretty much the standard stock purchase order. One thing to keep in mind with a
market order is the fact that you don't control how much you pay for your stock purchase or
sale; the market does. This shortcoming can be met with a limit order.

Limit Order:

This is an order that executes at a specific price that you set (or better) and can be open for a
specific time period. While a limit order will prevent you from buying or selling your stock at
a price that you don't want, if the price is way off base, the order will never execute. It's
important to note that some brokers charge more for limit orders. Why? No execution means
no commission.

Stop Order:

This is a market order that is triggered once your stock reaches a specific target price, the
stop price. Stop orders may also be called stop-loss orders, because they help investors put
constraints on their losses.

Stop-Limit Order:

This is identical to the stop order, except for the fact that a limit order is triggered once your
stock reaches a specific target price.

Trailing Stop:

Basically, this is a stop order based on a percentage change in the market price.

When you put an order in to your broker, you can choose how long the order stays open. By
default, orders are day orders, meaning that they are valid until the end of the trading day.
Good-'til-canceled orders remain open until you actually go in and cancel them.


Central Depository Bangladesh Limited (CDBL) was incorporated as a public limited

company on 20th August 2000 to operate and maintain the Central Depository System (CDS)
of Electronic Book Entry, recording and maintaining securities accounts and registering
transfer of securities; changing the ownership without an physical movement or endorsement
of certificates and execution of transfer instruments, as well as various other investor services
including facilitation of the secondary market trading of Treasury Bills and Government
Bonds issued by the Bangladesh Bank.

About BICM

The Bangladesh Institute of Capital Market (BICM) is the national institution for imparting
practical capital market education and training. It has been set up on Public Private
Partnership as a not for profit company limited by guarantee and not having a share capital.

Idea for setting up a securities institute in Bangladesh was mooted by Chittagong Sock
Exchange Ltd. and a study was done by it under the assistance of FIRST Initiative a World
Bank, IMF and Dutch joint initiative.

Bangladesh Government has provided considerable fund for hiring BICM premises and
procuring its facilities and logistics.

The Instruments of Capital Market:

The capital market as it is known is that segment of the financial market that deals with the
effective channeling of medium to long term funds from the surplus to the deficit unit. The
process of transfer funds is done through instruments, which are documents, showing
evidence of investments. The instruments traded (media of exchange) in the capital market

The instruments of Capital Market can be divided into three types:

1. Share
2. Debenture
3. Bond

1. Share: The share is regarded as a unit of account that can represent several monetary
instruments such as stock, REITS, mutual funds, or limited partnership.
The income received from shares is known as a dividend, shareholder also known as a
stockholder, is person who owns shares of certain company or organization. The
process of purchasing and selling share often involves going through a stock broker as
a middle man.

Types of Share:

a) Preference Share:
Preference Share is a stock which may have any combination of features not possessed by
common stock including properties of both an equity and debt instrument, and is
generally considered a hybrid instrument.
b) Equity Share:
An Equity investment generally refers to the buying and holding of shares of stock on a
stock market by individuals and firms in anticipation of income from dividend and capital
gains, as the value of the stock rises.

Valuation: Share is valued according to various principles in different market. The

liquidity of markets is a major consideration as to whether a share is able to be sold at
any given time. An actual sell transaction of shares between buyer and seller is
usually considered to provide the best prime fascia market indicator as to the True
value of shares at that particular time.
Dividend: The earning that the holder of a share makes from his/ her is called the
dividend are actually part of profit of the company whose may be help respective
holder. These are known reinvested profits.

2. Debenture: A debenture is a document that either creates a debt or acknowledge is

and it is a debt without collateral. There are two types of debenture. Such as
Convertible Debenture

Convertible: Which are convertible bonds or bonds that can be converted into
equity shares of the issuing company after a predetermined period of time.

Non-Convertible: Which are simply regular debentures cannot be converted

into equity shares at the liable company. They are debentures without the
convertibility feature attached to them. As a result they usually carry higher
interest rates than their convertible counterparts.

3. Bond: Bond is an interest financial asset which is fixed and issued by governments,
public, utilities, companies, banks, and other large entities bonds are used to pay the
bearers fixed amounts at specified business bond is written as well as signed
promise to pay certain sum of money before or on a certain date. Bond markets play
an important role in mobilization of capital.
The investments are very necessary for economic development of a country.
A good market will help promote economic growth and reduce the risk of financial crises. It
is a debt security in which authorized issuer owes the holders a debt depending on the terms
of the bond. A bond is a formal contact to repay borrowed money with interest at fixed

Types of bonds:

Corporate Bond
A corporate bond is a bond issue by a corporation.
It is a bond that a corporation issues to raise money effectively in order to expand its
The term is usually applied to longer-term debt instruments, generally with a maturity date
falling at least a year after their issue date. (The term "commercial paper" is sometimes used
for instruments with a shorter maturity.)

Government Bond
A government bond is a bond issued by a national government, generally promising to pay a
certain amount (the face value) on a certain date, as well as periodic interest payments.
Government bonds are usually denominated in the country's own currency.
Bonds issued by national governments in foreign currencies are normally referred to
as sovereign bonds, although the term "sovereign bond" may also refer to bonds issued in a
country's own currency.

Secured bonds
Secured bonds have specific assets of the issuer pledged as collateral for the bonds. A bond
can be secured by real estate or other assets.
Unsecured bonds
Unsecured bonds are issued against the general credit of the borrower; they are also called
debenture bonds.

Term bonds
Bonds that mature at a single specified future date are called term bonds.
Serial bonds
Bonds that mature in installments are called serial bonds.

Registered bonds are issued in the name of the owner and have interest payments made by
cheque to bondholders of record.
Bearer or coupon bonds are not registered; thus bondholders must send in coupons to receive
interest payments.
Convertible bonds permit bondholders to convert the bonds into common shares at their
Redeemable (callable) bonds are subject to call and retirement at a stated dollar amount prior
to maturity at the option of the issuer.
Retractable bonds are subject to redemption prior to maturity at the option of the holder.

Zero-Coupon Bonds
Do not pay interest
Sold at deep discount from par value
Value increases over time
Subject to tremendous price volatility as interest
rates fluctuate
Interest must be reported as it is accrued for tax purposes, even though no interest is
actually received.
Treasury strips are zero-coupon bonds created from U.S. Treasury securities

Junk Bonds
Highly speculative, usually
subordinated debentures
Have low, sub-investment grade ratings
Typically offer very high yields
Prices tend to behave more like stocks
than bonds

Stock Market in Bangladesh:

Dhaka Stock Exchange(DSE)

Chittagong Stock Exchange(CSE)

Dhaka Stock Exchange (DSE):

Dhaka Stock Exchange (Generally known as DSE) is the main stock exchange of
Bangladesh. It is located in Motijheel at the heart of the Dhaka city. It was incorporated in
1954. Dhaka stock exchange is the first stock exchange of the country. As of 31 December
2007, the Dhaka Stock Exchange had 350 listed companies with a combined market
capitalization of $26.1 billion.

Chittagong Stock Exchange (CSE):

The Chittagong Stock Exchange (CSE) began its journey in 10th October of 1995 from
Chittagong City through the cry-out trading system with the promise to create a state-of-the
art bourse in the country. Founder members of the proposed Chittagong Stock Exchange
approached the Bangladesh Government in January 1995 and obtained the permission of the
Securities and Exchange Commission on February 12, 1995 for establishing the countrys
second stock exchange. The Exchange comprised of twelve Board members, presided by Mr.
Amir Khosru Mahmud Chowdhury (MP) and run by an independent secretariat from the very
first day of its inceptions was formally opened by then Honorable Prime Minister of
Bangladesh on November 4, 1995.

Regulations of DSE & CSE:

No. DSE/459/99.- In exercise of the powers conferred by section 34 of the Securities and
Exchange Ordinance, 1969 (XVII of 1969), the Dhaka Stock Exchange Limited, with the
approval of the Securities and Exchange Commission, makes the following regulations,
1. Short title, commencement and application.
(i) These regulations may be called the
Dhaka Stock Exchange Automated Trading Regulations, 1999.
2.Words and expressions used herein and not defined but defined in the
Securities and
Exchange Ordinance, 1969 (XVII of 1969), or the Securities and Exchange Commission
1993 (XV of 1993), shall have the same meanings as are respectively assigned to them in the
Ordinance or Act
3. Trading day.- The trading shall be open on all days except bank holidays as declared
under the Negotiable Instruments Act, 1881 (XXVI of 1881) :
4. Trading period.- Unless otherwise decided by the Council, the trading period shall be
10-30 AM to 2-30 PM on all trading days:
5. Qualification for trading.-
(1) A member shall qualify himself for trading if he -
(a) Obtains a registration certificate from the Commission issued under regulation 5(4) of the
Securities and Exchange Commission (Stock-Dealer, Stock-Broker and Authorised
Representative) Regulations, 1994;
(b) becomes a member of the DSE Clearing House;
(c) Is not otherwise barred by DSE or SEC under any law, rule or regulations for the time
being in force for trading.
(2) The DSE shall notify the name and other necessary particulars of a member whenever he
incurs a disqualification for trading or becomes otherwise ineligible for trading.
6. Functions of trading sessions. - The functions of trading sessions shall be as under,

(a) Pre-opening session. - This is the session during which members are allowed only to
enter orders and indicate their willingness for buying and selling of various securities.
Orders made during this session are held in the system and not forwarded to the execution
engine. The previous days closing price and index of di......... securities shall be made
available in this session to the members for trading.
(b) Opening session. - The opening price of securities is calculated in this session. The
calculation is made on the basis of orders entered in the system during the Pre-opening
session. The opening price of securities is established in this session. Where there is no
trading of securities, the last closing price of that security shall be its opening price. No entry
order shall be allowed or permitted in this session.
(c) Continuous or Regular trading session. - Entry of orders, deletion and modification of
orders can be made in this session. Orders are executed in this session and where any order or
part of any order is not or cannot be executed; such order or part thereof will be stored
separately to be carried forward in the next following such session.
(d) Closing session. - During this session the system stops receiving orders. The closing price
for a security shall be determined as per the weighted average price of all the trades in the last
30 (thirty) minutes before the closing session. If there is no trade during the above specified
time, the weighted average price of maximum 20 (twenty) number of trades preceding the
above 30 (thirty) minutes shall be taken for determination of closing price. If there has been
no trade in the security during the continuous trading session the opening price of the security
shall be treated as the closing price. Pending orders executable at closing price and orders
match at closing price shall be executed in this session. Al other pending orders shall be
carried forward to the Post-closing Session.
(e) Post-closing session.- This session allows traders to execute their remaining orders and
the fresh orders entered during this session. However, the trading engine accepts orders at
closing price only during this session. All trades are executed at the closing price. No quotes
are accepted during this session.
7. Trade confirmation. - For every successful match, a trade with a unique contract
number is created and the counter parties to the trade are notified by means of a trade
confirmation. The security, the trade quantity, the howla type and price at which the trade
occurred shall broadcast to all trading workstations which can be seen on the market ticker.
The trade confirmation shall be seen on the trade ticker on the trading workstations of both
the counter parties to the trade. The traders can view the trade details in the trade view and
also have it printed.

8. Disclosed and Undisclosed volume.- (1) An order may specify the total and lesser
volume of securities for disclosure to the market. The disclosed volume shall not exceed the
total volume.
(2) Total and disclosed volume of an order must be of a market lost.
(3) An increase in disclosed volume shall change in the queue priority but a decrease in
disclosed volume shall not change in queue priority.

SWOT Analysis of Stock Market

Strength, weakness, opportunity, and threats (SWOT) of Bangladesh Stock Market is given

The first and for most thing of strength of Bangladesh stock market is its ability to
Provide high return.
Regulatory body of Bangladesh stock market that protects the interest of the investors.
Large number of securities which provides medium for investment.
Large number of Brokers who plays a role of facilitator for investment.

The weak point of Bangladesh stock market is its volatility (i.e., high risk).
It is a kind of gambling where no guarantee of return and some time it depends on
luck also.

Stock market provides an opportunity to money lender and money seeker to invest
and use money for their plan.
It provides an opportunity to the investor to be the owner of the company and
contribute in the business decision of the company.
Stock market is a kind of indicator of the economic growth of the country where it
provides an opportunity to gain according to the inflation of the country or more than

There are many competitors of stock market such as post office savings, public
provident fund, company fixed deposits, fixed deposits with bank etc. which provides
fixed and assured returns.
Changing of economic condition.
Capital market instrument is highly risky then money market.
Changing of government rules and regulations.
Speed of growth in Capital Market not complemented by the controlling agency.

Recommendation of Capital Market of Bangladesh:

1. Every person who is interested to do business in Share Market must be minimum

educational qualified.