Chief Adviser Professor Muhammad Yunus on Sunday issued five instructions to restore investors' confidence in the capital market and asked the authorities concerned to hire a set of independent foreign experts to conduct deep reform in the stock market, reports BSS.
He gave the instructions at a meeting with capital market stakeholders and representatives of Bangladesh Securities and Exchange Commission (BSEC), held at the State Guest House Jamuna.
Chief Adviser's Press Secretary Shafiqul Alam briefed reporters about the outcomes of the meeting in front of Jamuna.
During the meeting, BSEC Chairman Khondoker Rashed Maqsood informed about the initiatives that the BSEC has taken to reform the capital market.
The chief adviser directed the BSEC to take necessary measures so that multinational companies, where the government has stakes, can get listed in the capital market through issuing IPO (Initial Public Offering).
He instructed the BSEC to announce special incentives to bring mega private companies to the stock market.
Besides, Prof Yunus asked the authorities concerned to hire a set of foreign experts to carry out reform in the capital market within three months.
He also directed that the authorities concerned take immediate measures against those involved in irregularities in the capital market, giving a clear message to the share market that no irregularities will be tolerated.
The chief adviser also called for measures to encourage the companies, which require large amounts of capital, to reduce their dependence on bank loans and raise funds from the capital market by issuing bonds and equity shares.
He said people's trust will not be restored unless those involved in destabilising the stock market through looting in the past few decades are brought to justice.
Yunus said, "The situation of the capital market that has been brought to is unimaginable. We must overcome this situation."
He said necessary reforms to the stock market must be carried out so that people's trust is restored and the capital market does not become a den of looters.
Replying to a question at the press briefing, Shafiqul Alam said a fruitful discussion was held today where the chief adviser listened to the meeting and gave his directives on the capital market.
"We hope that we will be able to see real and meaningful reforms in the stock market soon," he said.
Alam said all want a strong, good, functioning and graft-free stock market where the interest of all is ensured.
Responding to another query, he said the foreign experts, who will come, will carry out reform in the capital market quickly as the interim government is working to restore people's confidence in the capital market.
Finance Adviser Dr Salehuddin Ahmed, Chief Adviser's Special Assistant Dr Anisuzzaman Chowdhury and Principal Secretary Md Siraj Uddin Miah were present at the meeting, among others.
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