Tofail advises BB to be soft, friendly to capital market issues

Commerce minister Tofail Ahmed on Thursday advised Bangladesh Bank to be ‘soft’ and ‘friendly’ towards different issues related to the capital market.
The commerce minister made the suggestion while addressing the inaugural ceremony of ‘Bangladesh Capital Market Expo 2015’ at the Institution of Diploma Engineers, Bangladesh in Dhaka.
The three-day expo has been organised by Arthosuchak, a business-centric online news portal.
Bangladesh Securities and Exchange Commission acting chairman Md Helal Uddin Nizami, Insurance Development and Regulatory Authority member Md Quddus Khan, Chittagong Stock Exchange chairman Muhammad Abdul Mazid, Dhaka Stock Exchange chairman Siddiqur Rahman Miah, DSE Brokers Association of Bangladesh president Ahsanul Islam, Arthosuchak editor Ziaur Rahman were present, among others.
Mentioning the government’s recent initiatives to extend banks’ capital market exposure adjustment deadline by another two years, Tofail said, ‘The government is also committed to resolving every problems of the market, if there is any.’
He also said that they were having talks with the multinational companies which were making satisfactory profit like Nestle Bangladesh Limited that they would have to come to the capital market for sharing profits.
Speaking on the coordination gap between the regulatory authorities, Nizami said that few people including the prime minister were working hard for the development of economy as well as the capital market, but all the efforts were in vain due to some imprudence decisions.
He said that the Bangladesh Bank had recently asked bank companies not to act as trusty, Bangladesh Energy Regulatory Commission slashed transmission charges which is related to a listed company Titas Gas Transmission and Distribution Company and the IDRA suspended licence of a listed company without any prior consultation with the capital market regulator although a finance ministry directive was in place that asked all the institutions to consult with the BSEC before taking any decision that might affect the capital market.
‘If such [practice] continues, we have to draw the attention of the government’s top level to the fact and we think it would be possible for us,’ Nizami said.
‘As people find that there is no liability in taking fund from the banking sector, why they will come to the capital market to comply with tough rules and regulations?,’ he said.
Speaking about the market crash Quddus said that the people behind the scene for the market crash were yet to be brought to book.
Repetition of such incident may happen unless or until the perpetrators are punished, he said.

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