A significant portion of the population in Bangladesh remains unfamiliar with the workings of the stock market, according to Professor Shibli Rubayat-Ul-Islam, the Chairperson of the Bangladesh Securities and Exchange Commission (BSEC). He voiced his concerns during a gathering organized by the Central Depository Bangladesh Limited (CDBL) and the Central Counterparty Bangladesh Limited (CCBL) where he was a key speaker. Professor Shibli emphasized that approximately one percent of the population engages with the stock market, but stressed that in cases of financial losses, the government, prime minister, and authorities will address the issue.
The remarks were made at an event held at a hotel in Dhaka on Sunday, October 8, with Sheikh Kabir Hossain, Chairman of the CDBL, presiding over the gathering. Major General Md Wahid-Uz-Zaman, Chairman of the CCBL, was also present as a special guest.
Professor Shibli stated that some content on social media platforms tends to generate panic among the public. He pointed out that social media engagement often equates to monetary gain, which motivates the dissemination of sensational and misleading information. He urged the audience to be cautious and discerning when confronted with such misleading information.
In his address, Professor Shibali cautioned against relying on sensationalized news, emphasizing the need for ethical journalism and responsible reporting. He urged individuals to be vigilant and discerning when encountering misleading information and sensational news.
He emphasized that their efforts are focused on combating fraud and scams. Over the past year, they have undertaken nearly five hundred enforcement actions. Often, due to various reasons, they refrain from disclosing much in the market’s interest. However, if someone is involved in such fraudulent activities that significantly impact the stock market, we take action against them. By Working together, CDBL and CCBL can make it easier to reduce irregularities in the future. We do not wish to resort to enforcement actions; instead, we aspire to have a well-functioning and beautiful stock market.
Professor Shiali Rubayat-Ul-Islam mentioned that our commissioners work tirelessly, much like the private sector, day and night. However, we have concerns about what the market will look like before we go to sleep at night and wake up the next morning. Why it happens, we don’t know. Our problem lies with platforms like Facebook and YouTube. To boost views, various false pieces of information are being spread. Such misleading information and news have now become our problem.
Foreign investors are eagerly awaiting opportunities for investment, according to the Chairman of the Bangladesh Securities and Exchange Commission (BSEC). He remarked that there is a significant pipeline for investment, and people are waiting for the outcome of elections before making investment decisions. The uncertainty regarding whether we will be able to invest is a matter of concern.
Addressing potential investors, the Chairman of the stock market regulator stated that for long-term investments, they should not consider any alternative outside the stock market. He highlighted the cooperation received from Bangladesh Bank and various government departments, starting from the Prime Minister, in supporting investment initiatives.
The event featured the presence of Md. Asif Ibrahim, Chairman of the Chittagong Stock Exchange (CSE), Dr. A.T.M. Tariquzzaman, Managing Director of the Dhaka Stock Exchange (DSE), A K M Nurul Fazal Bulbul, Vice-Chairman of the CDBL, Dr. Md. Tarek, Director of the CCBL, and Moniruzzaman Chowdhury, CEO of Prime Bank, among others.
