Special Correspondent
Speakers emphasise ensuring transparency and self-regulation as well as making those who looted the share market accountable.
They addressed a roundtable discussion on "The current state of the Bangladesh Capital Market and Way Forward" held at DSE Multipurpose Hall in Nikunja on Wednesday, organised by the DSE Brokers Association (DBA).
In the roundtable discussion, former commerce minister and BNP standing committee member Amir Khosru Mahmud Chowdhury said the government didn't own the stock market; rather, it was abused for political gains for the last 15-16 years.
"The stock market was used for political exploitation for the last 15-16 years instead of owning it," he said.
He said it must be admitted that none of the past governments of Bangladesh could ever own the stock market. The stock market had been considered as a third matter or separate thing outside the economy. "But it is a driving force for the economy," he said.
Amir Khosru, also the founding chairman of the Chittagong Stock Exchange, said the stock market was neglected despite its significant role in the economy.
He said the first and foremost thing is that the government must own the stock market for the sake of the economy. The former commerce minister stressed the need for integrating the stock market and other related forces of the economy.
"We can surely tell you if there is a change in the government, and we'll get scope (to run the government) being elected with the votes of the country's people; we'll own the stock market," he said.
He emphasized ensuring transparency and self-regulation as well as making those who looted the share market accountable.
He said those who looted the stock market need to be identified and brought under a new legal process. If it cannot be done, then the manipulators will continue the same things directly or indirectly in the share market because, at the end of the day, money talks after all. The brokers association should be careful about it, he said.
"I would like to request that you please ensure that those who manipulated the stock market and looted the money of a million common people must be accountable," said Khosru. The event was chaired by the President of the DSE Brokers Association Saiful Islam, and a vote of thanks was delivered by DSE director Minhaz Mannan Emon.
Former chairman of the Bangladesh Security and Exchange Commission (BSEC), Faruq Ahmad Siddiqi, said at the event, "In the last 15 years, the governance of the capital market has been questionable. Many things are being said against them. Many companies have been given IPO approvals, which have now gone to the Z category. They were approved without listening to the DSE. As a result, investor confidence has also plummeted."
He said, "This is the first time in the last 15 years that allegations of corruption are being heard against the regulatory body. It has been many months since the task force was formed. So far, they have only made recommendations on a few issues."
Faruq Ahmad Siddiqi also said the crisis in the money market has reached the capital market. If the economy is not healthy, the capital market will not be healthy either. High inflation has arisen. A less-discussed major problem is that our revenue income is very low. Our budget cannot be increased.