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Wednesday, July 6, 2022

BSEC chief hopeful of sustainable capital market within 6 months

Photo: Collected

Bangladesh Securities and Exchange Commission (BSEC) Chairman Prof Shibli Rubayat Ul Islam recently expressed his firm optimism to get a sustainable capital market within the next six months, saying that no vested quarter would be allowed to play any game anymore with the share market.

“We’ll give security to the investment of small investors. We hope that we’ll get a sustainable capital market within the next six months,” he said.

The BSEC chairman said this while addressing a seminar titled “The role of capital market to keep dynamic the economy during this COVID-19 pandemic” held at the BSEC Auditorium in the city’s Agargaon area.

The seminar was organized marking the inauguration of the online version of daily Banijjo Pratidin.

Chaired by its Editor AKM Rashed Shahriar, BSEC Commissioners Dr Sheikh Shamsuddin Ahmed, Prof Dr Md Mizanur Rahman, BD Finance Chairman and Anwar Group Managing Director Monowar Hossain, Bangladesh Merchant Bankers Association (BMBA) President M Sayedur Rahman, Capital Market Journalist Forum (CMJF) President Hasan Imam Rubel spoke, among others, at the seminar. BSEC executive director M Rezaul Karim presented the key-note speech.

The BSEC chairman said the market witnesses ups and downs based on demand and supply, adding, “We’re keeping attention so that any vested quarter could not come in the market and thus make the small investors empty-handed. So, we hope that we’ll get a sustainable capital market within the next six months,”

He said that they have remained alert so that the associate organizations like the Investment Corporation of Bangladesh (ICB) could play their due role, adding that it is now just a matter of time to get a stable and sustainable capital market.

Shibli said it would not take much time to get a sustainable capital market, adding, “I hope you’ll start feeling within three to six months that big players want to play here. But, they won’t be able to repeat it again. We’ll give security to the investors.”

He said the capital market watchdog would invite more IPOs (initial public offerings) through which the big businesses would be able to manage long-term financing, which would eventually benefit the IPO winners of the primary market.

The BSEC chairman said they have allowed many IPOs , but there was no such negative impact. “Rather, the businessmen are being able to gather their capital through IPOs and many employment opportunities are also being created. Through this, the entrepreneurs are being benefitted, the market is being benefitted while the depth of the market is also being increased.”

Shibli said the investors were also benefitted, adding, “On the whole, we’re foreseeing a win-win situation, if we feel that we need to go a bit slow (regarding IPOs), or need some intervention, we’ll do that.”

He said that initially they had to work on the secondary market, but now they are focusing on the primary market.

Referring to the transaction of mobile phone operator Robi which began today, Shibli said that the market transactions crossed Taka 800 crore by 12 noon today with the introduction of transaction of Robi shares. “We hope that the market will head towards a much better position gradually.”

The speakers at the seminar stressed the need for due role of the media to ensure transparency and stability in the capital market.

Source: BSS

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