Business Report :
A section of investors alleged the government and the Bangladesh Securities and Exchange Commission (BSEC) of pushing the stock market to the brink of collapse through recent decisions taken after August 5.
The allegation came at a press conference organised by the Bangladesh Capital Market Investor Association (BCMIA) on Monday at the Capital Market Journalists Forum (CMJF) office.
Speaking at the event, BCMIA President SM Iqbal Hossain said that delisting of companies should only be carried out through proper consultation and compensation for investors.
“We will not accept any delisting that harms investors,” he said. Iqbal Hossain strongly criticised the role of the BSEC, claiming that instead of protecting investors, the regulator’s actions have worsened their losses. “For 15 years we have been victims of exploitation in the capital market.
After August 5, we expected positive changes, but the steps taken by the government and BSEC have accelerated the market’s downfall,” he said. He alleged that the current BSEC chairman, Rashed Maqsood, lacks basic understanding of the market, every investor’s portfolio has been damaged since he took charge.
His policies, backed by the financial adviser Salauddin Ahmed, have brought the market to ruin,” he added, noting that many investors were suffering severe financial distress, with some even driven to suicide.
The BCMIA president further said that although the chief adviser had earlier announced reforms with the help of a group of experts, no visible progress has been made. “Where are those experts? What changes have been brought? Instead, the same people responsible for the crisis remain in charge,” he said.
Hossain also criticised the recently introduced margin loan rules, calling them discriminatory. According to him, small investors with less than Tk 5 lakh are now excluded from margin facilities, while larger investors enjoy the benefit. “If this government came to power through an anti-discrimination movement, why introduce such discriminatory policies?” he asked.
On mutual funds, he said these instruments are meant to support and stabilise the market, but instead have been misused and looted. He demanded urgent reforms to restore investor confidence and prevent further damage to the capital market.
“The regulator cannot avoid responsibility by saying share prices are not its concern. If the index rises or falls, if irregularities occur, the BSEC must act. Otherwise, what is the role of the commission?” he added.
