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NATIONWIDE FINANCIAL LITERACY |
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Roles and Responsibilities
Bangladesh Securities and Exchange Commission (BSEC) has been engaged in investors education since its inception in 1993. Presently BSEC is arranging two such programs in each month. The main objective of the three days program, among others, is to portray before the investor potential risk and return of the market.
The first mandate of BSEC is "to protect the interest of investors in securities". The most important way of investors' protection is to provide them with financial education. Financially literate investors can safeguard themselves from irrational behavior and also from investments in products carrying risks more than their risk taking ability.
Bangladesh Securities and Exchange Commission (BSEC) has now introduced a nationwide financial literacy program. BSEC will play the vital role in the program. BSEC has already formulated rules in this regard and made the program mandatory for every market related institutions and use their resources to promulgate financial education.
To foster the financial literacy program and to introduce a 'National Policy on Financial Education', the Government, Ministries and other Regulators of the financial sector should come forward. For the recommended financial literacy program, BSEC will need to take help from Bank and Financial Institutions Division, Ministry of Finance, Ministry of Education and University Grant Commission in order to make it successful.
As responsible organizations of the capital market, Stock Exchanges, Depository, CCP and all other stakeholders have big responsibilities to carry out the program. Listed companies have role to contribute to financial education since informed decision making by the investors will reflect the right value of their businesses. The market intermediaries should create separate departments for financial literacy and develop Working Groups. Professional bodies like ICAB, ICMAB, ICSB and educational institutions like BICM, BIBM and business schools should also come-up to provide appropriate financial education in their business courses.
The first mandate of BSEC is "to protect the interest of investors in securities". The most important way of investors' protection is to provide them with financial education. Financially literate investors can safeguard themselves from irrational behavior and also from investments in products carrying risks more than their risk taking ability.
Bangladesh Securities and Exchange Commission (BSEC) has now introduced a nationwide financial literacy program. BSEC will play the vital role in the program. BSEC has already formulated rules in this regard and made the program mandatory for every market related institutions and use their resources to promulgate financial education.
To foster the financial literacy program and to introduce a 'National Policy on Financial Education', the Government, Ministries and other Regulators of the financial sector should come forward. For the recommended financial literacy program, BSEC will need to take help from Bank and Financial Institutions Division, Ministry of Finance, Ministry of Education and University Grant Commission in order to make it successful.
As responsible organizations of the capital market, Stock Exchanges, Depository, CCP and all other stakeholders have big responsibilities to carry out the program. Listed companies have role to contribute to financial education since informed decision making by the investors will reflect the right value of their businesses. The market intermediaries should create separate departments for financial literacy and develop Working Groups. Professional bodies like ICAB, ICMAB, ICSB and educational institutions like BICM, BIBM and business schools should also come-up to provide appropriate financial education in their business courses.
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