The Bangladesh Securities and Exchange Commission (BSEC) yesterday formed a five-member taskforce to prepare a report comprising recommendations for bringing about reforms to ensure good governance in the stock market.

Mohammed Helal Uddin, a professor of the economics department of the University of Dhaka, and KAM Majedur Rahman, a former managing director of Dhaka Stock Exchange, are two of the members.

AFM Nesaruddin, senior partner of Hoda Vasi Chowdhury & Co, Md Mostofa Akbar, a professor of computer science and electronics of the Bangladesh University of Engineering and Technology, are also in the taskforce.

The last member is Al-Amin, an associate professor of accounting and information systems of the University of Dhaka, according to a circular published on the BSEC website.

Created based on opinions of stakeholders, the task force will itself create several focus groups which would work on several issues, avail opinions and provide recommendations for the report's preparation within a "logical timeframe".

The issues include identifying the reasons behind the country's low tax to GDP ratio, which is 7 percent at present, alongside solutions for it and ways to improve the BSEC's efficiency.

The groups will also find ways to ensure good governance in the stock market, upgrade market intermediaries to international standards, ensure accountability and transparency of listed companies and modernise several rules.

They will also recommend ways to increase the diversity of products in the market and attract local and foreign investors.

The BSEC said it has already directed Dhaka and Chattogram stock exchanges, Central Depository Bangladesh and Central Counterparty Bangladesh to provide all types of necessary data to the panel.

A standard operating process will also be provided to ensure cooperation of all the regulatory bodies, it added.