Bangladesh Securities and Exchange Commission Chairman Prof Shibli Rubaiyat-ul-Islam expressed his hope that the daily turnover of Dhaka Stock Exchange (DSE) may cross Tk 1500 crore within this year.
“The daily turnover was hovering around Tk 1,000 crore. However, it will have to be taken to one and a half thousand this year,” the BSEC chairman was speaking as the chief guest at a virtual event organized by the Dhaka Stock Exchange (DSE) on Tuesday (October 6th) on the occasion of World Investors Week.
He said the DSE IT department has severe weakness as it don’t have capacity of extra burden.
Meanwhile, The BSEC chairman also spoke about the restructuring of the state-owned Investment Corporation of Bangladesh (ICB).
He said the ICB is not fulfilling its responsibilities properly. “I have seen several deficiencies in the management of the organization. We are very worried about this. The ICB will be restructured quickly to overcome this problem. I will finish the work in the next two months and present everything to the government,” he added.
BSEC chairman Prof Shibli Rubaiyat-ul-Islam also said that the Buy Back Act would be enacted so that share of many non performing companies could be bought back.
“The stock exchange has already been informed of the delisting of five companies and two debentures. Two of these debentures are 20-25 years old. The investors’ money was stuck in it. We have come and tried to find them and collect Tk 56 crore.” He added.
The BSEC chairman also spoke about the future of the capital market. “Our commission is only four months old,” he said. You (investors) give us a little time. We will try to make visible changes in the next one year. In two years you will see the shadow of the modern capital market. A complete market form will be available in three years.
He said “We need to consider the direction of small investors and traders. If we stop giving IPO (initial public offering) to those who come to do business, where will they go? They also need money. This market is seen by both investors and traders. Otherwise this market would not exist.
He said It is not right for us to decide who will invest where. It would not be right to interfere in all our places. It is not fun to invest in it. However, if you find any irregularities, you inform. Our surveillance will see these. However, it would not be right to blame us for any increase in shares or lotus. ‘
CFO Abdul Matin Patwari presented the keynote address at the event presided over by Yunusur Rahman. DSE shareholder director Rakibur Rahman took part in the discussion.