Business Report :
Former Chairman of Bangladesh Securities and Exchange Commission Faruk Ahmed Siddiqui said that the stock market has been put in many problems in the last 15 years.
During this period, the stock market has been damaged in the long term by stopping forced sales after the 2010 crash and imposing floor prices focusing on the Corona pandemic.
He made this remark while speaking in a special guest at a seminar titled ‘Current Status of Bangladesh Capital Market and Ways Forward’ organized by DBA on Wednesday.
BNP Standing Committee member Amir Khasru Mahmud Chowdhury was the chief guest at the seminar while DBA President Saiful Islam presided over the meeting.
BNP leader alleged that the country’s stock market has been used as a political tool in the last 15 years.
He said, “No one in Bangladesh has ever been able to welcome the stock market. No one understood that the stock market is the main driving force of the economy.
We could not grasp the huge role that the stock market can play in driving the economy. We have seen how the stock market has been used as a political tool in the last 15 years.”
Faruk Ahmed said that negative equity has been created by stopping forced sales. Due to this, many institutions have lost their ability to provide loans. Many institutions have been destroyed.
On the other hand, the former BSEC chairman said that the stock market has been kept stagnant for one and a half years with the floor price.
He alleged that there could be political reasons behind this. Through which investors are being blocked from exiting the stock market. Through this, their trust has been destroyed.
The former BSEC chairman said that various allegations are being heard against the last two commissions.
Now, allegations of corruption are being received. Which has never happened before. Through this, trust in the market has been destroyed.
Besides, there have been many cases of manipulation. And controversial road shows have been held. Through these too, trust has been destroyed.
Regarding the activities of the current commission, he said that the current commission may lack experience. However, it does not seem dishonest. He said that the market will not prosper if it cannot bring good companies.
