Monday, November 19, 2018

Stockmarket is a way to fund big projects, says Hasina

  • Senior Correspondent bdnews24.com
    Published: 2018-09-12 16:01:38 BdST

bdnews24

Prime Minister Sheikh Hasina has stressed the need to strengthen the stockmarket to fund big projects.

“I urge everyone related to the capital market and the BSEC to ensure investors’ security and enhance the role of the capital market in implementing the big projects to accelerate economic growth,” she said.

The prime minister spoke during the silver-jubilee celebrations of Bangladesh Securities and Exchange Commission, or BSEC, at Bangabandhu International Conference Centre on Wednesday.

Hasina made a series of recommendations to propel the capital market and increase investments in the private sector.

These include the development of the bond market as a source of long-term finance, investment opportunities and new products.

Hasina asked the regulators to focus on capital market training and spreading knowledge about investment at all levels, by conducting seminars, workshops and discussions.

She also asked everyone to come forward in ensuring transparency, accountability and discipline in the capital market.

 “I am sure the economy will develop further through the investment in the private sector once these programmes are implemented,” the prime minister said.

“I’ll request you to know in detail before you invest in any company. We never want anyone to bear any financial loss after investing in a company,” Hasina told retail investors.

The prime minister said her government will provide assistance to develop the capital market in order to make it a reliable source of funds to create a developed Bangladesh.

“We have continued to provide our assistance to develop the capital market, one of the pillars in our economy and it has reached a stable position today. Globally, Bangladesh is now known as a fast-growing market with a lot of potential.”

The prime minister recalled different steps taken by the government -- demutualisation of stock exchange, legal amendment, Financial Reporting Council and investment incentives -- since the market collapsed in 2010.

“BSEC has received the honour of being category ‘A’ regulator and foreign investment has increased due to our actions. India, China and other countries are showing interest in our market.”

The prime minister hoped that the memorandum of understanding signed between the regulators of India and Bangladesh and the Chinese consortium becoming the strategic partner of Dhaka Stock Exchange will increase the ‘depth’ of capital market and will benefit investors and other stakeholders.

“No law or any book of rules existed for our 25-year-old agency before 2011,” said Finance Minister Abul Maal Abdul Muhith.

“Now in 2018 we can feel contented with our market. The development can’t be stopped anymore,” said Muhith as he recalled the legal amendments after the collapse in the market.

BSEC Chairman M Khairul Hossain delivered a welcome speech.