PM suggests 7-point measures for stock market development
Prime Minister Sheikh Hasina on Wednesday suggested undertaking seven-point measures for stock market development, asking all concerned including the BSEC to play a due role in protecting the interest of the investors.
“I call upon all concerned including the Bangladesh Securities and Exchange Commission (BSEC) to play a due role in protecting the interest of the investors as well as enhancing the contributions of the capital market to accelerating the economy and implementing the mega projects,” she said.
The prime minister was addressing as the chief guest the silver jubilee celebration function of BSEC at Bangabandhu International Conference Centre in the city, BSS reports.
The steps that the prime minister suggested are: the development of bond market as a source of the long-term funding, expanding and diversifying the chosen baskets of the investors by launching new products, informing all concerned about the products, their operating process and strategy before their introduction.
The other measures are – expansion of investment education at all levels by strengthening the BSEC Training Academy Programme, arrangements of seminars, workshops, and discussions on the role and importance of the stock market in socioeconomic development and inter-relations between the capital market and other sectors, introduction of small cap board at fastest possible time to complete share transaction of the established as well as small and medium capital-based companies for funding venture capital.
The prime minister urged all concerned to properly implement all programmes including maintaining transparency and accountability in all spheres and establishing rule of law alongside ensuring all kinds of infrastructural facilities.
“If these programmes are implemented, I’m sure that the country’s economic growth and the trend of advancement will be further geared up through private sector investment,” she said.
The premier assured that the government will also continue allout support for stock market development in future.
“Our government will keep up allout support for stock market development in future … the capital market will be a dependable source of long-term funding in building a developed Bangladesh,” she added.
Finance Minister Abul Maal Abdul Muhith was present at the function as the special guest, while Financial Institution Division Secretary under the Finance Ministry Md Asadul Islam and BSEC Chairman Dr M Khairul Hossain also spoke.
Ministers, parliament members, leaders of the business bodies, senior officials of the financial institutions and securities companies and senior government officials were present.
An audio-video presentation on the role of the BSEC in Bangladesh’s economic uplift was made at the function.
Advising the investors to invest in stock market cautiously, Sheikh Hasina said the government does not want anybody be affected by making investment in the capital market.
“I would like to tell the investors to invest in the companies by collecting their information and knowing about them well and in detail … You’ve to know where you are going to make investment and what is its future and you’ll have to remain careful about this,” she said.
“Don’t fall to excessive greed … not being influenced by anybody, you’ll have to take step in this regard. Then nobody will be affected,” she added.
For flourishing the stock market, the premier said, the BSEC will have to continue and make more dynamic the trend that they are maintaining in both roles — regulator and cooperator.
The prime minister said the government has taken various steps to build a stable, transparent and accountable stock market.
She said good governance of the stock market has been ensured with infusing dynamism into it through demutualisation, while steps have been taken to ensure good governance of the listed companies.
Sheikh Hasina said proper regulatory system has been enforced to check manipulation and irregularities in share transactions and the successful implementation process of the incentive package framed for the investors is underway.
“We’ve launched the work of the special tribunals for speedy disposing of the stock market-related cases and formed the Financial Reporting Council to examine the transparency and trustworthiness of the financial report,” she said.