The Bangladesh Securities and Exchange Commission (BSEC) on Thursday held a stakeholder consultation meeting on its draft "BSEC (Direct Listing of Securities by Stock Exchange) Rules, 2026" at the commission's Agargaon office, as part of efforts to frame a modern, transparent and effective regulatory framework for direct listing of fundamentally strong companies on the capital market.

The meeting was chaired by BSEC Chairman Masud Khan and attended by BSEC commissioners, managing directors and senior officials of the Dhaka Stock Exchange and Chittagong Stock Exchange, the president of the Bangladesh Association of Publicly Listed Companies (BAPLC), the president of the Bangladesh Merchant Bankers Association (BMBA), and top representatives of listed and non-listed companies, merchant banks, issue managers, professional bodies and other market stakeholders.

Senior representatives from more than two dozen companies took part, including Unilever, Metlife, Nestlé Bangladesh, Banglalink, Karnaphuli Fertilizer Company Ltd (KAFCO), bKash, Incepta Pharmaceuticals, Healthcare Pharmaceuticals, Essential Drugs, Sinovia Pharmaceuticals, Nagad, Meghna Group of Industries (MGI), PRAN-RFL Group, DBL Group, Abul Khair Group, United Group, Kazi Farms Group, Confidence Group, Confidence Infrastructure PLC, BRB Cables, Edison Power, Edison Footwear, Borak Real Estate, Paschimanchal Gas Company, Sylhet Gas Fields Ltd, Impress-Newtex Composite Textiles Ltd, National Polymer, Karnaphuli Gas Distribution Company, Walton, Akij Resources, ACI PLC, North-West Power Generation Company Ltd, and Seiler Ring Cement.

A presentation was made on the draft rules, covering eligible companies for direct listing, the application and listing process, listing conditions, and the price discovery mechanism.

Participants shared their views, observations, suggestions and practical experience on the proposed provisions, with several emphasising the need to bring genuine and capable companies to the market through direct listing while safeguarding investors' interests and market discipline.

Speaking at the meeting, BSEC Chairman Masud Khan said the number of fundamentally strong companies in the country's capital market remains inadequate, and the commission wants to bring good, well-established family-run companies into the market through direct listing to deepen and widen it.

This, he said, would boost participation of quality companies while attracting more domestic and foreign investment.

He said listing brings companies enhanced reputation and credibility, along with the opportunity to establish themselves as strong corporate brands.

Listed companies also enjoy tax benefits, potential share price appreciation and greater share liquidity, he added, noting that sponsors gain an avenue to liquidate their shareholdings, while the arrangement would also help companies raise additional capital for future expansion.

The BSEC chairman further said the commission is also working to make its IPO rules more practical and effective alongside the direct listing framework.

He noted that a hybrid approach, combining existing share offloading with fresh share issuance, is under consideration, which would further expand listing opportunities for eligible companies and create new investment avenues in the market.

Some senior company representatives expressed interest in entering the market through direct listing, while others favoured the hybrid route combining IPO and share offloading. Participants welcomed the commission's initiative on direct listing and pledged their cooperation and continued input on the matter.