2024-09-30 19:05:31
Investors have made 12-point demands in order to increase the confidence of investors in the capital market and overcome the current situation.
Ataullah Naeem, president of Bangladesh Pujibazar Investors Sammilita Parishad, made this demand in a press conference organized at Capital Market Journalists Forum (CMJF) auditorium in Vijaynagar, capital on Saturday (September 28).
Ataullah Naeem said, I am making a 12-point demand on behalf of the organization about creating confidence of investors in the capital market and bringing permanent dynamics and transitioning from the ongoing situation to what the authorities should do at present for the investors and the capital market.
Regarding the 12-point demands of the organization, he said, shareholders are losing capital due to sending 28 companies listed in the capital market to Z category. In this case the concerned companies may be given a fixed time limit. Besides, directors of said companies may be banned from leaving the country. Company related non-compliance requires directors to freeze personal accounts to fix compliance. At the same time, the irregularity of dividend distribution will be eliminated.
Effective initiatives should be taken to gain confidence of investors by removing mutual mistrust by taking well-thought-out views of all stakeholders on capital market issues. Otherwise, I call upon the chairman of BSEC to step down from his responsibility with the responsibility of continuous market decline and incompetence.
Beneficiaries of the previous government, who have messed up all institutions related to the capital market, by making the student government into a mess and creating instability in the capital market, for the sake of profit, the initiatives related to the ‘Z’ category of the past BSEC should be investigated and legal action should be taken by investigating whether there is any ulterior motive.
In order to provide security of capital for capital market investors, we have to enact the ‘Capital Investment Act’ in our country like many other countries in the world. It should be ensured that investors can take legal recourse if genuine dividends are not received and companies resort to fraud. BSEC should make timely amendments to the law to increase transparency of capital market.
Ataullah Naeem said, I am demanding that 1 person from the family of those investors who lost everything in the decline caused by manipulation in the past 15 years and died of suicide and heart attack, be given a job.
Since the collapse of 2010 till today, I am demanding from the relevant authorities to provide 50 percent capital to the investors who have lost capital.
Since the crash of 2010 due to identified fraudsters, the innocent investors have come under the fire of attacks and cases of the previous government while protesting to protect the capital of the investors. Due to extreme financial crisis, family and social discrimination, forced to live a subhuman life. Which no one kept the news. So all harassing false cases must be withdrawn unconditionally. Compensation should be arranged for all the money spent in conducting the false case.
Due to arbitrariness in the companies listed in the capital market, investors are deprived of their rights by not giving correct information to the investors, depriving the investors of the real dividends, not giving the opportunity to speak about various irregularities of the company and passing the agenda of the company by completing the AGM through corruption and misdeeds. Besides, the monitoring system should be strengthened immediately to take strict legal action against those who are responsible for collecting subscriptions in the name of various organizations, investigating the ongoing irregularities and corruption around the AGM.
During the current crisis in the capital market, the banks have to come forward to overcome the crisis, because the banks collected thousands of crores of rupees from the capital market at an opportune time by leaving the right shares. Therefore, effective role and initiatives must be taken to ensure the investment of banks in the capital market. In this case, Bangladesh Bank should provide policy support.
The president of the organization said that everything is not only done by the law, humanitarian issues sometimes rise above the law. Because law is for people. Investors are helpless in the current series of price declines. Therefore, for humanitarian reasons, I request to stop the forced sale for the time being. In the current context, in order to keep the capital market dynamic, if institutional investors and large investors take initiatives to activate the market, the equity minus accounts will come under the scope of transactions quickly. In this regard, I am drawing the attention of BSEC whether merchant banks and broker houses can be given the opportunity to collect money under their own management in order to increase funds in the necessary legal framework.
Buyback legislation should be enacted as soon as possible. Because many shares traded in the secondary market are priced close to face value. In such a situation, if the share price falls below the issue price with premium, the respective companies or owners have to buy it back.
Despite the legal guidelines, issue managers do not want to take any further responsibility after raising money through IPOs with higher premiums without bringing up a well-grounded issue. However, after 3 or 6 months of listing, many companies get stuck in the financial year of the investors due to various reasons. For this, responsible issue managers should be identified and fined and license cancellation and legal action should be taken. After the listing of the new company in the secondary market, their overall activities should be brought under proper monitoring.
BSCE has to take effective measures in coordination with DSE and CSE to ensure easy facility for investors to collect all information related to capital market from specific place by forming ‘Capital Market Information Bank’.