Despite significant investments made to make Bangladesh’s capital market technologically sound, the outcome has been far from satisfactory, said Dhaka Stock Exchange (DSE) Chairman Mominul Islam.

He made the remarks while addressing a seminar titled “Empowering Investors through Emerging Technology and Digital Finance,” organized by the DSE to mark World Investor Week.

Finance and technology are the two most critical components of our economy. However, the capital market has yet to utilize technology to its full potential,” said Mominul.

He pointed out that while different stakeholders in the market are working from their respective positions, a lack of coordination among them has prevented any collective progress.

We are investing in technology, but without synergy, the results remain limited,” he noted.

Highlighting the gap between the capital market and the National Payment Ecosystem, the DSE chairman said it is impossible to usher in the Industry 4.0 revolution in the capital market without system-to-system integration.

Even today, if we need information about a company, we must write to the NBR or Bangladesh Bank and wait for a response. A single letter can unsettle the entire market. If this process were digital, market stability would not be at risk,” Mominul said.

He further explained that the absence of seamless data flow not only hinders compliance but also breeds non-compliance issues.

Underlying information isn’t coming through accurately. Ensuring that flow is the only way to stabilize the market,” he added.

Speaking at the event, Institute of Chartered Accountants of Bangladesh (ICAB) CEO Shubhashish Bose said that action has already been taken against audit firms involved in irregularities.

He also pledged greater transparency in the auditing process of listed companies in the days ahead.