2024-08-21 20:18:11
Economist and capital market expert Abu Ahmed said that the Bangladesh Securities and Exchange Commission (BSEC), the regulatory body of the capital market, could not ensure the interests of investors. Instead, the fund managers are scared of taking money from the capital market. BSEC is responsible for the deterioration of the country’s capital market.
He said these things while speaking as the chief guest at the inauguration of the training workshop at Capital Market Journalists Forum (CMJF), an organization of Capital Market Journalists Forum (CMJF) in Paltan of the capital on Wednesday (August 21).
Abu Ahmed said, another major source of corruption in the capital market is placement share trading before listing. Placement share is another major corruption area. The regulator could not act on it either. Instead, the fund managers ran away with the money in front of them. Placement is not required in my eyes, because the underwriting system is there. If an IPO is not subscribed, the underwriter will take over, this was the system. I suddenly saw the placement. Why did it happen? Many people have taken shares without paying in this system. This is a big fraud. In the last few years, the capital markets of different countries around the world have advanced a lot. But, our capital market has lagged behind. Earlier we had 33 lakh BO (Beneficiary Owners) accounts. Now it has come down to 13 lakhs.
He said that in the last 10 years, no good company has come to the capital market except for two initial public offerings (IPOs). Among those companies, Robi and Walton are doing well. The rest are not doing well. In other words, no attempt was made to bring good companies to the capital market. All the incentives to encourage companies to come to the capital market have also been removed.
Capital market expert Abu Ahmed also said that if incentives are not given, no good company wants to be listed in the capital market with transparency and accountability. If the accounts of the companies are transparent they will show good profits. It will increase government revenue. Why will good companies come here if there is no incentive? In order to bring good company here, the company has to provide some good facilities. BSEC has not been able to arrange this opportunity so far.
Advising the listing of multinational companies with special concessions or incentives to expand the country’s capital market and bring investors’ confidence, Abu Ahmed said that the government should encourage them to bring foreign and domestic big companies. The system needs to be incentivized, or they won’t come.
Commenting that Islami Bank, National Bank has been looted, he said that those who looted should be punished. Otherwise, the trust will not return among the people. The owners of big companies looted it. How can Bangladesh Bank take over the bank? How is the big loan scam in the bank? It is their responsibility to see it.
Senior Vice President of Dhaka Stock Exchange’s Brokerage Institutions DBA’s speech as a special guest at the event. Saifuddin said, what is important for the capital market is whether what is being written is objective or not. There is no need to write much, what is being written should be objective, this is the main thing. It is your responsibility to give people the correct information.
CMJF president Gholam Samdani presided over the event and General Secretary Abu Ali moderated the organization’s former president Ziaur Rahman, joint general secretary Ibrahim Hossain Rezwan, former finance secretary Niaz Mahmud, Abdul Hakim and others spoke.