Finance Minister, AHM Mustafa Kamal, has said the government will provide all support to build a strong capital market fixing all the mismatches and anomalies. “I will assure everyone today that we will give good governance to the capital markets. We will see the defects in the capital markets. Thus, the capital market will be transformed into our economic area,” he said.
AHM Mustafa Kamal made the remark during a special meeting with the representatives of capital market regulators and stakeholders to discuss current capital market situation on Monday, at the NEC auditorium of the Planning Ministry in the city. Representatives of other regulatory bodies like Bangladesh Bank, Insurance Development and Regulatory Authority (IDRA) were also present at the meeting.
"We will strive to bring good companies, especially government companies, into the stock market to build a stable capital market," he said. “We also want to create a special committee to bring good companies with fair prices. So that IPO rates are not overvalued. These committees will be monitored throughout the year,” he informed.
"We want to advance our economy with the help and cooperation of all," he said adding, “The basic area of the economy is the capital market. So we can never neglect this basic element.” “Many people are involved in the capital market. That is why the government always wants to take care of the market. Hence, we will build strong capital market for ensuring benefit of investors,” he mentioned.
The Finance Minister has assured the stakeholders of taking action in light of the advice in the meeting for the development of the stock market. “We will discuss with you once more if needed,” he mentioned. Former caretaker government adviser Dr AB Mirza Azizul Islam said the government should bring some good local and foreign companies to rebuild confidence of investors in the capital market.
Regarding the current situation of the stock market, he said the stocks witnessed a continuing falling trend for lack of coordination between the various regulatory bodies. The regulatory bodies should calculate more while approving any new IPO companies in the market, he said adding that most of the recent enlisted companies could not play well in the market, which created a negative impact on the market.
National Board of Revenue (NBR) Chairman Md Mosharraf Hossain Bhuiyan said, “We have given sufficient tax benefits for the development of the stock market. This facility will be further enhanced if needed.” He said, we want to provide special support for foreign companies to be brought into the market.
Finance Secretary Asadul Islam, Bangladesh Bank governor Fazle Kabir, Bangladesh Securities and Exchange Commission (BSEC) chairman Prof Khairul Hossain, IDRA chairman Shafiqur Rahman Patwari, DSE chairman Prof Abul Hashem, managing directors of different financial institutions, leaders of DSE Brokers Association of Bangladesh (DBA) and Bangladesh Merchant Bankers Association (BMBA) also attend the meeting.