The Bangladesh securities market, despite ifs operation of half of a century, remains in embryonic form. The market has been suffering from a chronic lack of investor confidence since 1997 following an unprecedented share scam. Ever since, the government has been striving in vain to promote investment by progressively offering incentives to investors and corporations. The government watchdog unexpectedly introduced the Disclosure-Based Regulation (DBR) in January 1999 to protect investors from the misfeasance of other players in the market for Initial Public Offerings. Recent studies have identified some problems in the market, which are unfavourable for the new regime. In such a situation, the governmental incentives to induce market participants and adopting the DBR to restore public confidence in the moribund securities market appear to be like using "ointment on an infection which urgently needs antibiotic injections". This article intends to argue upon critical analysis of the regime that importing the disclosure philosophy from the developed markets without attaining the pre-requisites for its usefulness is an arrangement like 'puffing the cart before the horse".