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Prof Yunus Directs Swift Reforms in Capital Market
Chief Adviser Professor Muhammad Yunus on Sunday issued five key directives to revitalise the country’s capital market through prompt and effective reforms.
The directives came during a meeting held at the State Guesthouse Jamuna with Finance Adviser Dr Salehuddin Ahmed and key stakeholders from the capital market.
Following the meeting, Chief Adviser's Press Secretary Shafiqul Alam told reporters, “The Chief Adviser listened carefully to the concerns raised and gave specific instructions. We hope to witness real and meaningful reforms in the stock market very soon.”
Bangladesh Securities and Exchange Commission (BSEC) Chairman Khondoker Rashed Maqsood presented an overview of the current market situation and ongoing initiatives.
Prof Yunus stressed that public confidence in the stock market will not return unless those responsible for long-standing irregularities and financial misconduct are held accountable.
“The condition of the stock market is beyond imagination,” he said. “We must urgently reform it to restore trust and prevent it from becoming a safe haven for looters.”
The Five Directives Are:
Reduce Government Shareholding: Initiate steps to lower government shareholding in state-owned multinational companies and list them on the capital market.
Private Sector Participation: Introduce incentives to encourage large domestic private companies to enter the capital market.
International Expertise: Engage foreign experts to propose capital market reforms within three months, aimed at eliminating manipulation by vested interests.
Accountability: Take strict legal action against individuals and groups involved in market irregularities.
Alternative Financing: Promote the use of bonds and equities in the capital market by large business organisations, reducing their reliance on bank loans.