B Mirror Desk: Shafiqul Alam, the Chief Advisor’s Press Secretary, stressed that no single organization will control the nation’s capital market, saying, “No group should expect that I will profit from this circumstance as I have in the past.” We have seen over the years that those who were close to powerful stock market leaders have accumulated fortune. We must protect the interests of common shareholders in order to prevent similar incidents.
These comments were made by Shafiqul Alam on Sunday, May 25, at the Capital Market Journalists Forum (CMJF) Talk, which is hosted by the group of journalists who cover the capital market. CMJF President Golam Samdani Bhuiyan presided over the event, which was moderated by General Secretary Abu Ali.
He pointed out that Bangladesh’s capital market has become a haven for fraudsters, where small investors have faced deceit and lost their investments. Shafiqul Alam remarked that those who previously took on the responsibility of reforming the capital market have yielded to various factions. He noted that historically, individuals involved in reforms within the BSEC or Bangladesh’s capital market have prioritized the interests of specific groups. One group serves its own agenda, while the opposing group pursues a different goal. Consequently, it has been observed that the major players have consistently reaped the benefits, while the generals, small traders, and savers—those purchasing shares in the stock market—have frequently been left at a disadvantage or have fallen victim to manipulation.
In reference to the meeting with the chief advisor on the capital market, he expressed that the discussion highlighted a pressing question: why are we unable to take action? The underlying issue is that the entire stock market has turned into a haven for thieves. When one thief exits the stock market, another one arrives.
Shafiqul Alam stated that the individual you are considering to reform the stock market is merely another thief. Therefore, as Professor Yunus points out, significant and profound reforms are necessary in this area. The individuals responsible for these reforms must be those who are not entangled in the interests of this group. They will come in and implement changes without hesitation. Globally, there is a substantial reform movement in stock markets that leads to positive outcomes. However, in Bangladesh, it appears that those who seek to reform are, in fact, part of another group of fraudsters.
He further mentioned that for this reason, Professor Yunus emphasized in the last meeting the urgent need to bring in a team of foreign experts who are knowledgeable about how to reform the stock market to meet global standards. A timeline of three months has been established for this initiative. These experts will arrive within three months to advise us on the necessary actions for the stock market, and prompt measures will be taken accordingly.
