Capital markets will backslide if they shut down

The stock market will backslide if it shuts down during a national lockdown, said Professor Shibli Rubayat-Ul-Islam, chairman of the Bangladesh Securities and Exchange Commission (BSEC).

"A lot of people are engaged in the capital market and it has now turned into their main source of income. So we can't solve the problem by shutting down the market," he said at a programme on Sunday.

The Capital Market Journalists Forum (CMJF) and CFA Society Bangladesh jointly organised the programme, "Workshop on Financial Statement Analysis."

The country will enter a fresh seven day lockdown on Monday in the wake of the record rise in Covid-19 cases.

The BSEC chief said there is no guarantee that the problem brought on by the Covid-19 pandemic will be solved very easily.

"I have taken responsibility amid the pandemic. We are yet to come out of the havoc of the first wave, and again we have fallen into another wave," he said.

"We are not getting a healthy economy to work and don't know when the recovery will come. In the midst of this, we have to move forward."  

Professor Shibli Rubayat-Ul-Islam hoped to be able to work digitally from home using telephone, mobile, and online systems.

He said, "If we wanted, we could spend time with the family at home amid the pandemic. But we are not doing that. We are fighting, taking challenges."

CMJF President Hasan Imam Rubel, and CFA Society Bangladesh President Shaheen Iqbal, were also present at the occasion.

CFA Society Bangladesh, a member society of the CFA Institute, plays an important role in providing its members with education and networking opportunities.

It also contributes to the development of the financial service industry and the investment management profession in the country.

The CFA Society aims to achieve, foster and maintain high standards of ethics and professionalism for its members and stakeholders in the areas of investment analysis, portfolio management, and related disciplines in Bangladesh.