The securities regulator will frame rules for Real Estate Investment Trust (REIT) through discussions to be held with relevant stakeholders taking into account the growing importance of real estate sector.
The chairman of Bangladesh Securities and Exchange Commission (BSEC) Prof. Shibli Rubayat Ul Islam said this at a recent workshop titled 'Introduction of Real Estate Investment Trust'.
As part of its job to introduce the REIT, Dhaka Stock Exchange (DSE) organised the workshop held at the BSEC office, a release said.
"The importance of the real estate sector is increasing day by day. We can talk to the National Board of Revenue (NBR) and other stakeholders to frame rules for the REIT," said the BSEC chairman Prof. Islam.
He said the formulation of rules for the REIT will pave the way for bringing new products.
A REIT is a company that owns, operates, or finances income-producing properties.
The REITs invest in most real estate property types, including apartment buildings, cell towers, data centers, hotels, medical facilities, offices, retail centers, and warehouses.
Dr. Shaikh Shamsuddin Ahmed, a BSEC commissioner, said they have a long term vision for the REIT.
"We will have to move forward taking into account the issue of ensuring confidence among investors. We will have to think about proper valuation of products," Mr. Ahmed said.
He laid importance on quick formation of a committee to facilitate the formulation of rules for the REIT.
Md. Eunusur Rahman, chairman of DSE, also spoke at the workshop attended by BSEC executive director Mohammad Rezaul Karim, DSE managing director Tarique Amin Bhuiyan, DSE Brokers Association of Bangladesh President Richard D' Rozario and CDBL managing director Mr. Shuvra Kanti Choudhury, among others.
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