Stock market investors on Saturday claimed that the country’s capital market lost nearly Tk90,000 crore as the index fell by more than 1,000 points in the last eight months.
They also called for the immediate removal of the chairman of the Bangladesh Securities and Exchange Commission (BSEC), accusing him of failing to manage the market effectively.
Leaders of the Bangladesh Capital Market Investors Association (BCMIA) made the demand at a press conference they held at the Capital Market Journalists Forum (CMJF) auditorium.
Their statement came ahead of a meeting scheduled for Sunday, to be chaired by Chief Adviser Professor Muhammad Yunus, aimed at reviewing the current condition and developments in the capital market.
The investors asserted that without representation from genuine investor groups, the meeting would be ineffective.
“If there is no investor representation among the stakeholders, the meeting will not yield meaningful outcomes,” they warned.
According to the investors, the participants selected for the meeting do not truly understand the stock market’s challenges. Only those who have failed to play any effective role in solving the crisis have been included, they alleged.
They claimed that the market’s consistent decline began after Rashed Maqsood took over as BSEC chairman, blaming what they described as his flawed leadership.
Meanwhile, the DSE's main index fell 149 points, or 3.02%, to 4,802 points on Wednesday, the biggest drop in five years.
According to investors, the stock market has been looted in the past eight months after the political turmoil, severely damaging investor confidence in the market.
BCMIA leaders also alleged that the financial advisor to the government has not taken steps to remove Maqsood due to familial ties, while a special assistant to the chief adviser is also backing him.
In such circumstances, they believe this meeting on the capital market’s development will not produce the desired results.
Speaking at the press conference, BCMIA president SM Iqbal Hossain and General Secretary Nurul Islam Manik reiterated their position, saying Rashed Maqsood lacks sufficient knowledge about the stock market.
“This is not just our view but also that of other stakeholders, including a former BSEC chairman. His removal is urgently needed,” Iqbal Hossain told Dhaka Tribune.
"Almost 90% of investors have lost their capital and are destitute. The stock market has returned to a negative trend," the BCMIA president added.
