The leaders of the DSE Brokers Association of Bangladesh (DBA) have suggested listing quality companies to boost the capital market, saying there is a crisis of good companies in the stock market.
They made the remarks while congratulating the newly elected committee of the Capital Market Journalists’ Forum (CMJF), an organisation of journalists working on the capital market.
They greeted the newly elected leaders at the CMJF’s own office in the capital’s Purana Paltan on Wednesday.
DBA President Richard D’ Rozario, Senior Vice President Md. Sajedul Islam, Vice President Md. Saifuddin, newly elected CMJF President Ziaur Rahman, outgoing president Hasan Imam Rubel and outgoing general secretary Monir Hossain, also spoke on the programme.
Abu Ali, the newly elected General Secretary of CMJF, conducted the event.
The DBA president said, “The regulatory body BSEC is doing a commendable job in various ways, including reforming the different securities rules. However, in order to get the benefits of these works, it is necessary to increase the number of good shares in the market. All stakeholders, including BSEC, have a role to play in this regard”.
DBA Senior Vice-President Sajedul Islam said they would work jointly with CMJF to develop the capital market.
Vice President Md. Saifuddin, vice-president of the DBA, said, “After Grameenphone, no significant company has entered the market in the last decade. If foreign investors want to know the information for investment, no more than 20/25 companies can be named”.
So, effective initiatives are needed to bring multinational companies, including Unilever, Standard Chartered and MetLife, to the market for new momentum, he added.
CMJF President Ziaur Rahman said, “In order to increase the contribution of the capital market to the economy, it is necessary to provide funds to good and promising companies from this market”.
He noted that if these companies raise capital and expand their business, new jobs will be created, exports will increase, imports of manufactured goods will decrease and additional revenue will be able to go to the government coffers.
He added, “There is a misconception among the general public as well as policy makers about the capital market. Many are not able to realize the importance of this market. The members of CMJF will work sincerely to end their misconceptions and raise awareness about the capital market”.
Hassan Imam Rubel, the outgoing president of the CMJF, said, “The development of the capital market and the free flow of information for investors is very important. The members of CMJF are helping to create an equal field for all and establish good governance by providing objective news.
Monir Hossain, the outgoing general secretary of CMJF, said, “The objectives of CMJF and DBA are very similar. So these two organisations will work together to develop the market.