Nobody believed that the government would have the guts to move against the stock market manipulators, especially as some of the biggest culprits appeared to enjoy political clout in the new scheme of things. Proving most observers wrong, the government opted for accountability, long term stability and healthy growth of our nascent stock market at the risk of short term negative impact, with possible political consequences. Political governments usually shy away from tough decisions. Ours didn't. We heartily commend the government, especially Prime Minister Sheikh Hasina for it. and for proving that nobody is above the law, however rich and powerful. We congratulate the Finance Minister for carrying through the probe and making its findings public in spite of tremendous pressure for the contrary, and the probe committee for a Job well done.

Findings clearly prove that some people thought that the stock market was their private hunting ground where no law. no ethics, no norms mattered but only their greed. That common investors were toys to be played with as the gods' wished. As we have understood the probe findings, there were two distinct categories of manipulators — ones who conceived, planned and executed it; and others who rode on it. The nexus of listed companies and a few brokers fall in the first category. It is they who wrought havoc on our growing stock market; reduced millions of small investors to destitution; and swooped hundreds of crores for themselves. No effort should be spared to punish this group and make them pay for the suffering they have inflicted on the common people. The group that rode on the manipulation should also be punished but only to the extent of their crimes. It would be a fatal 'mistake to mix up the two groups as it would create shelter for those who have caused the real havoc.

Securities and Exchange Commission’s (SEC) role must also be focused here. As the probe report rightly points out that if the SEC had taken punitive actions against the delinquent brokers and listed companies in due time then our infant stock market would not have suffered as it did. What prevented the SEC to act more professionally at that time.? This should form a part of the probe now.

Free market economy is not freedom to do all sorts of wheeling and dealing with peoples' fortune is the first lesson that we need to learn from this experience. A thorough reform of the stock market, change of the rules of the game of DSE and CSE which wall limit the role of brokers to what it is elsewhere, and computerisation of the stock market are among the priority actions that the government needs to take now. We must do everything to restore the confidence of the investors in our market. House cleaning is the first step. Reforms will be the next. The follow-up actions by the government must now be very quick so that normalcy returns to the market at the earliest. We hope that the private sector in general will welcome the government action to restore discipline and that confidence in our economy will be renewed.