DHAKA, Jan 14, 2026 (BSS) – In a significant move to enhance capital market integrity, the Bangladesh Securities and Exchange Commission (BSEC) has finalized new Public Offer of Equity Securities Rules aimed at transitioning away from fixed-price dependencies toward a more transparent, market-driven book building method.

The regulator announced these reforms during a press conference held today at the BSEC office in the city, emphasizing the need to curb artificial price manipulation and ensure accountability in the Initial Public Offering (IPO) process.

A primary objective of the new rules is to eliminate the influence of cartels—defined as secret agreements between multiple individuals or entities to manipulate prices or deceive others for illicit gain.

To achieve this, the BSEC has introduced six specific conditions designed to prevent artificial price bids and activities beyond a bidder's financial capacity. 

The commission’s spokesperson and director, Md Abul Kalam, explained that these restrictions are vital to ensure that bidders do not deliberately submit high prices to mislead the market without having the actual capacity to purchase the shares. 

To enforce these standards, the updated rules now include strict penal provisions for any violations, he added.

He said the BSEC is actively steering the IPO process away from its traditional reliance on fixed pricing, opting instead for a robust book building system that reflects true market demand. 

By making the process more market-dependent, the regulator aims to foster a fairer environment for both institutional and general investors, he added.

The finalized rules are the result of an extensive consultative process. 

According to the BSEC, the commission received a total of 170 comments and suggestions following the publication of the draft rules. 

These contributions included 8 detailed analytical reviews, some exceeding 200 pages in length and roughly 30 sets of feedback from institutional investors and other market stakeholders.

Every suggestion was thoroughly reviewed during commission meetings.

The BSEC noted that the differences between the initial draft and the final version of the rules directly reflect the consensus and analysis provided by these stakeholders. 

This reform marks a pivotal step toward strengthening the integrity of the IPO process, ensuring that price discovery is driven by genuine market forces rather than manipulative practices.