Dhaka, June 4 -- Four years after its launch, Bangladesh's dedicated stock market board for small and medium enterprises (SMEs) is floundering-raising questions about the effectiveness of its regulatory design and the country's broader commitment to nurturing its entrepreneurial base.

The SME Board of the Dhaka Stock Exchange (DSE), introduced in 2021 with fanfare, was intended to offer small manufacturers and startups an alternative financing channel to bank loans.

But with only 15 companies listed and a modest Tk1.44 billion ($12 million) raised, the board's impact has fallen well short of expectations.

The shortfall highlights a deeper structural issue: complex listing requirements that are largely inaccessible to the overwhelming m...