Regulator to listen to retail investors on May 29

The stock market regulator will hold a meeting with representatives from retail investors on May 29 to listen to their complaints and grievances.

Anisuzzaman Chowdhury, special assistant to the chief adviser, will preside over the meeting. Bangladesh Securities and Exchange Commission (BSEC) Chairman Khondoker Rashed Maqsood will also attend the event.

The meeting will begin at 12:00noon on the day at the BSEC office, where representatives of investors' associations, will be present, according to a press statement.

The BSEC requested submission of names of presidents and general secretaries of respective organisations by May 25 through email for their participation in the meeting. The securities regulator has taken the move as part of ongoing market reforms and in consideration of the present market conditions, said the statement.

The BSEC is working for sustainable development of the capital market with the cooperation of all market stakeholders, said a BSEC official, adding that the interim government is also very serious for market development.

The market watchdog believes that reforms can be implemented through consultation with stakeholders, including representatives of retail investors, he said, wishing not to be named.

Mr Chowdhury, the special assistant to the CA, paid a visit to the office of the Dhaka Stock Exchange (DSE) on Sunday and held a meeting with the leaders of the DSE Brokers Association.

Meanwhile, the stock market has been experiencing free fall of indices, prompting small investors to take to the streets. The prime index of the DSE tumbled to a five-year low to 4,776 on Monday.

A group of investors has been demanding resignation of Mr Maqsood for his "failure" to bring back stability in the market since his appointment in August last year.

Under the banners of organisations of retail investors, such as Bangladesh Capital Market Investor Association, Bangladesh Investors Oikya Parishad, and Bangladesh Capital Market Investors Unity Council, have been protesting against the persistent market fall and BSEC chief.

This is the backdrop against which the chief adviser at a meeting on May 11 issued five directives, including measures for listing of profitable state-owned enterprises and multinational companies where the government has stakes.

The chief adviser also called for engaging foreign experts in carrying out comprehensive reforms in the stock market within three months and strict and immediate punitive measures against those involved in corruption and manipulation in the market.

Moreover, the chief adviser ordered the authorities concerned to take measures so that large borrowers raise capital by floating shares in the secondary market instead of relying on bank loans.

Amid all the efforts and plans for the market's development, the benchmark index of the DSE recovered 25 points in the past two days to close at 4,801 on Wednesday.

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