Market to be immune to manipulation: BSEC

Manipulators will not be able to destabilize the capital market at their own sweet will, Bangladesh Securities and Exchange Commission (BSEC) Chairman Prof Shibli Rubayat-Ul-Islam has said.

He was speaking at a seminar on the subject, "Role of capital market in keeping economy vibrant during Covid-19 pandemic".

The seminar was held on Thursday to mark the official launch of the online version of the daily "Banijjo Protidin".

The BSEC Chairman said the regulator always supervises the transactions of the capital market.

Sometimes transactions go up and sometimes down in the wake of market volatility, he added.

"The regulator is working tirelessly to maintain market stability so that investors do not feel the shock."

He added that the commission has been trying to restructure The Investment Corporation of Bangladesh (ICB) so that the latter can play a protective role in the capital market.

"We need another six months to make the stock market vibrant."

According to the BSEC chairman, the regulator wants to approve more initial public offerings for entrepreneurs so that they can raise long-term capital from the market instead of only depending on banks.

The chairman mentioned that market transactions have increased due to debut of Robi Axiata Limited.

BSEC Executive Director Mohammad Rezaul Karim was the keynote speaker at the seminar.

He said the capital market has been playing a vital role in the country's economy.  

Entrepreneurs raised more than Tk1 lakh crore through debt and equity financing from fiscal year 2015 to 2020, he observed.

BSEC Commissioner Shaikh Shamsuddin Ahmed and Prof Md Mizanur Rahman, Anwar Group Managing Director Manwar Hossain, Bangladesh Merchant Bankers Association (BMBA) president Sayadur Rahman, Capital Market Journalist Forum president Hasan imam Rubel and secretary Monir Hossain were present, among others, at the event. AKM Rashed Shahriar chaired the seminar. ***