Dhaka: Chief Adviser Professor Muhammad Yunus today issued five directives aimed at restoring investor confidence in the capital market and emphasized the need for hiring independent foreign experts to spearhead comprehensive reforms in the stock market. The directives were announced during a meeting with capital market stakeholders and representatives of the Bangladesh Securities and Exchange Commission (BSEC) at the State Guest House Jamuna.
According to Bangladesh Sangbad Sangstha, Chief Adviser's Press Secretary Shafiqul Alam briefed reporters about the meeting's outcomes. BSEC Chairman Khondoker Rashed Maqsood outlined the initiatives already underway for capital market reform. The Chief Adviser instructed the BSEC to facilitate the listing of multinational companies with government stakes in the capital market through IPOs (Initial Public Offerings). Additionally, he mandated that special incentives be introduced to attract major private companies to the stock market.
Prof Yunus emphasized the urgent need for hiring foreign experts to implement these reforms within three months. He also stressed immediate action against individuals involved in market irregularities, underscoring that no misconduct will be tolerated. The Chief Adviser further urged companies requiring significant capital to move away from bank loans and instead raise funds through bonds and equity shares in the capital market.
He expressed concern over the current state of the capital market, stating that public trust cannot be regained until those responsible for destabilizing the market over the years are held accountable. Prof Yunus remarked, "The situation of the capital market that has been brought to is unimaginable. We must overcome this situation." He insisted on essential reforms to ensure the capital market does not become a haven for looters.
During the press briefing, Shafiqul Alam stated the meeting facilitated a productive discussion where the Chief Adviser provided clear directives for the capital market. "We hope that we will be able to see real and meaningful reforms in the stock market soon," Alam noted. He emphasized the collective desire for a robust, transparent, and corruption-free stock market that safeguards all stakeholders' interests.
In response to inquiries about the involvement of foreign experts, Alam mentioned that their expertise would expedite the reform process, as the interim government is committed to restoring public confidence in the capital market. The meeting was attended by key figures, including Finance Adviser Dr Salehuddin Ahmed, Chief Adviser's Special Assistant Dr Anisuzzaman Chowdhury, and Principal Secretary Md Siraj Uddin Miah.