Chief Adviser Professor Muhammad Yunus on Sunday gave five specific directives to address the issues related to the country's capital market and keep it vibrant through necessary quick reforms.
After the meeting held at the State Guesthouse Jamuna, Chief Adviser's Press Secretary Shafiqul Alam told reporters that Prof Yunus gave five major directives.
Finance Adviser Dr Salehuddin Ahmed and stakeholders of the country’s capital market were present at the meeting.
"The chief adviser listened to them and gave necessary directives. We hope to see real and meaningful reforms in the stock market very soon," the press secretary said.
Bangladesh Securities and Exchange Commission Chairman Rashed Maqsood gave a broader picture of the capital market and highlighted the efforts that are underway.
The chief adviser said that public trust will not be restored unless those responsible for destabilizing the stock market over the past few decades through looting are brought to justice.
He remarked that the current state of the stock market is unimaginable. “We must overcome this situation. Comprehensive reforms are essential to restore the stock market to a condition where people can regain confidence, and it no longer serves as a haven for looters.”
Five directives
- Take necessary steps to reduce the government’s shareholding in state-owned multinational companies and list them on the capital market.
- Implement measures, including incentives, to encourage large private-sector domestic companies to be listed on the capital market.
- Engage foreign experts to reform the capital market within three months in order to prevent manipulation by vested interests.
- Take strict action against all individuals involved in irregularities in the capital market.
- Introduce measures to encourage business entities that require large loans to reduce their reliance on bank financing and instead raise capital through bonds and equities in the capital market.