Stock market slump, Investors seek
Live Correspondent: Stock investors have continued their protests against continued fall of key indices at stock markets and demanded immediate resignation of Bangladesh Securities and Exchange Commission (BSEC) Chairman M Khairul Hossain.
Demanding prime minister’s interference to save them, the investors said that they were going to be penniless. During their demonstration in front of the Dhaka Stock Exchanges (DSE) at Motijheel in the capital on Wednesday, they alleged that in his eight-year tenure, Khairul Hossain failed to boost investors’ confidence and bring quality stocks in the market.
The small stock investors, under the banner of Bangladesh Pujibazar Biniogkari Oikya Parishad, demanded resignation of Khairul, the longest-serving chairman of the BSEC, within 48 hours or they would go for tougher movement.
The agitating investors said that lack of regulatory control over the stock market, ‘filthy’ IPO approval with huge amount of placement shares, relaxed punishment of fraudsters, manipulators and errant companies shattered investors’ trust and confidence.
Bangladesh Pujibazar Biniogkari Oikya Parishad General Secretary Abdur Razzaq said: “The BSEC chairman is working for the issuer companies and stock brokers, not for investors.”
They suggest that stock regulator BSEC should put emphasis on quality initial public offering (IPO) to recoup the investors’ confidence.
IPO is necessary for the stability of the capital market, but it should be ensured that companies with weak fundamentals do not get approval and the regulators should assess more meticulously before approving IPOs.
Former adviser to a caretaker government AB Mirza Azizul Islam, talking, stressed the importance of bringing good companies in the market to restore the confidence of the investors.
“When people will find that they can make profit by investing here and will not be harmed by taxation, only then they will come forward to invest more in the market,” he observed.
Dhaka, 28 April(campuslive24.com)//MI