Dhaka, Nov. 28 -- It was 2016 when Swadesh Investment Management last performed as an issue manager while bringing out the initial public offering of Dragon Sweater and Spinning Limited.

A fine of Tk 5 million has recently been slammed on the merchant bank for having failed to meet the target of at least one IPO in every two years and for non-compliance with other regulatory obligations.

Swadesh Investment, however, is not alone in this. As many as 30 investment banks have played no role in the listing of new stocks on the Dhaka Stock Exchange in the last five years.

Bangladesh Securities and Exchange Commission has so far given licences to 67 merchant banks, a much higher number when compared to 49 IPOs offered since 2018.

Merchant b...