The Bangladesh Securities and Exchange Commission (BSEC) Chairman Dr M Khairul Hossain on Monday said the upcoming national Parliamentary election will not have any negative impact on the stock market.
He said none would be spared if any quarters tryto destabilize the capital market in the name of election centric unrest.
He said, “Some quarters have evil designs to create instability in the market. But BSEC’s surveillance teams are constantly monitoring the situation. ”
He was speaking during the inauguration ceremony of workshop on “Financial Literacy for Journalists” on Monday at BSEC Bhaban in Agargaon. The workshop was jointly organized by the BSEC and the Capital Market Journalists’ Forum (CMJF).
BSEC director Rezaul Karim presented a keynote speech on the occasion.
Merchant bankers have special responsibility towards the making a healthy share market, the chairman said.
“If merchant bankers submit an IPO prospectus by giving false information, BSEC will thenface an image crisis and investors might stand to lose their capital,” he added.
He said bringing new products to the stock markets is the key to retaining existing investors in the stock business and to attract new ones. He urged stakeholders to concentrate on strengthening bond markets and introducing derivatives. He further said: “By 2019 you will see a huge change of this market.”
The BSEC chairman said the country’s capital market can be a source of long-term financing for infrastructure and industrialization. “There is a correlation between the development of the economy and the capital market”.
Giving a stern message, he said after the IPO approval if any irregularities in the company's financial report are found the IPO subscription of the company concerned will be discontinued.
Every year the reports of the stock market will be evaluated and a prize will be given for the best report, Khairul said.
CMJF president Hasan Imam Rubel said that transparency and accountability of the capital market cannot be ensured by obstructing journalists’ access to BSEC and demanded unfettered access for reporters.
BSEC Commissioners Professor Md. Helal Uddin Nizami, Dr. Swapan Kumar Bala, Khondoker Kamaluzzaman, executive directors of BSEC, general secretary of CMJF Monir Hossen and Ziaur Rahman, founder president of CMJF were present at the event.
Above 70 reporters of national dailies, electronic media and online news portals attended the workshop.