Published:  03:17 AM, 16 January 2020 Last Update: 03:17 AM, 16 January 2020

PM's intervention sought to save capital market

PM's intervention sought to save capital market
Jatiya Party lawmaker Kazi Firoz Rashid has sought the intervention of the prime minister to save the capital market from devastation as it has kept falling. "The capital market can rebound if the prime minister intervenes," he said taking part in an unscheduled discussion in parliament on Wednesday.

The lawmaker referred to newspaper reports highlighting the awful condition of the capital market to justify his call. Firoz Rashid's statement came amid protests of retail investors in front of the Dhaka Stock Exchange (DSE) building defying police obstruction to press for steps to make the capital market vibrant. The MP said experts are saying that the absence of good governance in the market is the reason behind this declining trend of the market where investors are not getting confidence.

"This is an ominous sign for the market." Coming down hard on Bangladesh Securities and Exchange Commission (BSEC), the market regular, he said listing of weak companies in the share market is the main reason behind the present state. Firoz Rashid said no action has been taken against BSEC for bringing such 'rotten companies' in the share market. "So far, no punitive action has been taken against anyone."

"How a share of Tk 10 can collect Tk 30 as premium, how these shares came to the market, why the issue managers are not arrested, why the merchant banks are not being made accountable," he said. Criticizing ministers, BNP lawmaker Harunur Rashid said the ministers do not see any devastation in the share market. "They said there is no crisis… we are astonished. For the last one week, people  are squatting on the roads… They are crying… The government is not taking any visible step that can assure us."



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