Investors’ organization Bangladesh Capital Market Investor Association (BCMIA) has submitted a memorandum to Finance Ministry Advisor Dr. Salehuddin Ahmed, demanding the removal of capital market regulator Bangladesh Securities and Exchange Commission (BSEC) Chairman Khandaker Rashed Maksud over the ongoing recession, failure to restore confidence and inefficiency in the capital market.
A four-member delegation from the organization submitted the memorandum at 11:30 am on Monday (February 24). At that time, the memorandum was accepted by the Administrative Officer of the Financial Advisor’s Office Md. Khalilur Rahman on behalf of the advisor.
Earlier, the investors’ organization organized a discussion meeting titled ‘What to do in capital market reform’ at the National Press Club on Sunday. It was announced at the meeting that the memorandum would be submitted on Monday.
The memorandum said that the driving force of a country’s economy is the capital market. During the government’s rule before the July 2024 revolution, the country’s capital market and investors were in a bad state. But after the tragic historic July revolution, the hope that was instilled among investors is practically timely, but is constantly being questioned due to the lack of any visible steps.
It is said that it is a matter of great regret that the current BSEC Chairman, Khandaker Rashed Maqsood, has not been able to restore the confidence of investors in the capital market for more than six months, rather the crisis of confidence is becoming more evident day by day. However, the capital market of Sri Lanka, which has been named a bankrupt state in this subcontinent, is higher than that of Bangladesh in all respects. Meanwhile, due to the long-term transaction drought, brokerage houses are getting involved in irregularities as their operating expenses are higher than their income. As a result, many brokerage houses have also stopped trading. Due to these problems, several lakhs of new investors are in danger of losing their capital.
After the current commission chairman took office, the market capital has lost about 66 thousand crore taka, the index has decreased by about 800 points, and investors have lost 60 to 80 percent of their capital. Many wise economists and commentators have already commented that the current commission chairman does not have the knowledge and experience to manage the capital market. Finally, ordinary investors are demanding realistic decisions and immediate intervention to save the capital market and investors.
