The stock market was politically exploited under the previous Awami League-led government, claimed BNP Standing Committee member and former commerce minister Amir Khasru Mahmud Chowdhury.
However, he pledged to 鈥榦wn鈥� the capital market and restore it as a key pillar of the economy if the BNP comes to power through people鈥檚 vote.
He made the remarks at a seminar organised by the DSE Brokers Association at the DSE Tower at Nikunja in the capital Dhaka on Wednesday.
He also claimed that no government in Bangladesh had ever truly 鈥榦wned鈥� the stock market as a key driver of the economy.
Therefore, the stock market had been neglected to varying degrees under the all previous governments, but the Awami League-led government had politically exploited it.
Amir Khasru claimed that over the past 15鈥�16 years, independent institutions in the country had become deeply entangled with the political system, preventing them from fulfilling their responsibilities.
Therefore, the Bangladesh Bank and the Bangladesh Securities and Exchange Commission failed to act independently due to political interference.
Amir Khasru further claimed that investors were now waiting for a politically elected government before making major investments.
He also demanded accountability for stock market manipulators under the AL government, stating, 鈥楾hose who manipulated the market and looted small investors鈥� money must be brought to justice.鈥�
Former BSEC chairman Faruq Ahmad Siddiqi criticised the BSEC鈥檚 past two commissions, saying they were plagued by corruption allegations.
They brought questionable companies to the market, often disregarding the stock exchange鈥檚 recommendations. Many of these companies have now become liabilities, he remarked.
Siddiqi stressed that economic recovery was essential for stock market growth.
Dhaka University professor Rashed Al Mahmud Titumir said that the oligarchic business groups that emerged under the AL government also dominated the stock market, he said.
He blamed this on the appointment of politically connected individuals as independent directors in many companies.
DBA president Saiful Islam accused the AL government of politicising stock exchange governance.
DBA director Minhaj Mannan Imon delivered the closing remarks.
