Investor protection and civil liabilities for defective prospectuses: Bangladeshi laws compared with their equivalents in India and Malaysia

The Bangladesh securities market came into being in 1954, but it still remains in its infancy. The Disclosure-Based Regulation (DBR), a regulatory regime useful for the developed securities markets, was adopted in January 1999 for an embryonic securities market in Bangladesh by discarding the previous merit regulation. The new philosophy came into effect without any significant changes being made in the old legal and regulatory framework of initial public offerings (IPOs).