The regulatory body Bangladesh Securities and Exchange Commission (BSEC) has sent a letter to the Financial Institutions Department (FID) of the Ministry of Finance regarding the recent investor protest program in the capital market. In the letter, BSEC termed the investors as ‘beneficial by the interested parties’. Therefore, the Bangladesh Capital Market Investors Collective Council strongly condemned and protested the letter sent by BSEC on October 6.
On Tuesday (October 15), a letter signed by the president of the organization ANM Ataullah Naeem has been sent to the BSEC chairman.
The President of Bangladesh Capital Market Investors Combined Council ANM Ataullah Naeem confirmed this information to RisingBD.
It is mentioned in the letter to the investors that the letter given by BSEC has been noticed by Bangladesh Capital Market Investors Collective Council. We (BapuBishop) are outraged and deeply saddened by the contents mentioned in it and our organization is blamed. It is evident from the language used in the letter sent by BSEC to the Ministry of Finance that it is just an attempt to cover the fish with vegetables. Our organization strongly supports ongoing legal action and reform activities against those involved in fraud and irregularities. Prior to that it was essential to bring investors and stakeholders into confidence and have the necessary financial preparation. Due to lack of that, extreme level of mistrust among investors has resulted in the current market situation.
The letter also said that in such a situation, on September 28, the Bangladesh Capital Market Investors’ Combined Council organized a press conference on 12-point demands for the development and reform of the capital market. If those recommendations are implemented, we strongly believe that the development of the capital market and the investors will benefit from it. However, the attempt to put the accused in the dock without realizing the depth of our demands is noticeable. On behalf of the organization, we strongly condemn and protest this.
Meanwhile, ANM Ataullah Naeem told RisingBD that the investor collective council’s statement regarding the ‘protest program against BSEC in recent times’ mentioned in BSEC’s letter was that the 12-point protest program raised in the press conference on September 28 was not given anywhere. Therefore, Bangladesh Capital Market Investors Collective Council does not bear its responsibility. In the letter, BSEC said that the persons behind the press conference program on September 28 clearly have the blessings of vested interests involved in capital market irregularities. However, in 2010, the Bangladesh Capital Market Investors Combined Council continued its agitation against the friends of the past fascism, manipulators, involved in irregularities and stock market looters. He did not care about any bloodshed and did not compromise with anyone, which is witnessed by all levels of investors and capital market related circles. For this, under the fire of fascism, he had to be attacked or sued. The cases filed by DSE have been going on for years and the investors are on the verge of financial bankruptcy after losing capital in the stock market. But they are trying to make victims of investors.
He also said that the culture of sweeping blame without any verification is reminiscent of the fascist era of the past. The people recruited during the previous dictatorial regime acquired the blood of hundreds of thousands of martyrs and thousands of crippled, lost eyes, lost limbs, lost limbs wounded brave brothers, to make the government of our students-people in disrepair and to identify the real investors as enemies and make them face the government. We strongly demand the Ministry of Finance to investigate whether it is a conspiracy or not and to investigate whose interests are being protected by putting the responsibility of their failure on the investors. It is also a strong demand to look into the intentions of the concerned parties issuing the BSEC letter sent to the Ministry of Finance. Besides, the letter sent by BSEC to the Ministry of Finance should be withdrawn expressing regret. Otherwise BSEC shall bear the responsibility.
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