Finance Minister AHM Mustafa Kamal has assured that the government will ensure good governance in the capital market.
“Bangladesh Securities and Exchange Commission (BSEC) is looking into whatever happened in the past. But, from now on no one can blame us that we don’t ensure justice or we’re very weak to someone," the minister said.
"Those who will commit offense, whatever their affiliations are or to what extent they are powerful, would be brought to justice through due legal process and thus we’ll restore the trust and confidence of people on this market,” he added.
The minister said inspired by the prime minister’s zero tolerance policy against corruption, the regulatory watchdog of the capital market would pursue proper measures so that the trust and confidence of the general investors on the capital market is restored.
AHM Mustafa Kamal came up with the remarks on Monday while briefing reporters after holding a five-hour long meeting with all the concerned stakeholders of the capital market at the NEC conference room in the city’s Sher-e-Bangla Nagar area, reports BSS.
BSEC Chairman M Khairul Hossain, Insurance Development Regulatory Authority (IDRA) Chairman Md Shafiqur Rahman Patwari and Financial Reporting Council (FRC) Chairman CQK Mustak Ahmed, officials of the two bourses, among others, attended the meeting.
The minister informed that a special committee will be formed under the BSEC to monitor the capital market of the country.
"The special committee will would oversee the listed companies round the year," he said.
The minister said that the BSEC along with the FRC will work in a coordinated manner to look after the proper pricing of the IPOs and the balance sheets of the listed companies.
He also assured that steps will be taken to bring all the best IPOs in the share market alongside engaging more people in the capital market through infusing more trust and confidence into the existing investors.
Asserting that the government would continue to support the capital market for its development, AHM Mustafa Kamal said that the existing hurdles and challenges of the capital market would be overcome to take the market to a sustainable position on a long-term basis so that it could further advance.
“All of you must acknowledge to what extent our economy is strong. We want to see our capital market much more dynamic in the same way our overall macro economy is dynamic,” he said.
The finance minister said the capital market is a basic area of the economy and that is why the government never neglects it.
"The people from all classes, including rich, middle class and the marginalised, are engaged in this share market for which it attracts special and cautious attention of the government," he said.
Kamal said all who attended the meeting reached at a consensus that there is no thought left expect ensuring development of this capital market.
“Our government will continue to support the capital market with its various organs, divisions and institutions,” he added.
Answering to a question, the Finance Minister said the government-owned companies would definitely come into the capital market, but it would take some time.
In this regard, he mentioned that Prime Minister Sheikh Hasina has expressed her sincere willingness that these state-owned enterprises and companies must enter the capital market.
Kamal told another questioner that the process has already started to bring the non-listed insurance companies into the capital market by December.
Replying to another question, he said that the shares of those companies which are witnessing quantum jump of their prices despite having weak fundamentals would be brought under strict monitoring and would not be spared if irregularities are found.