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Independent regulator can safeguard financial market

US envoy tells DSE

Star Business Report
Transparent and independent regulatory oversight can safeguard a capital market from any debacle, the US ambassador in Bangladesh has said, referring to his country's financial market collapse last year.
"A lack of independent regulators or an opaque system of rules means capital markets are vulnerable to manipulation. corruption and collapse," James F Moriarty said.
He, however, sounded a note of caution that Bangladesh must guard against any threats, despite the immunity from the crisis worldwide it largely enjoys.
The US envoy made such observations during his meeting with officials of the Dhaka Stock Exchange when he visited the prime bourse yesterday.
Moriarty said not only Bangladesh, but other nations also need fair and transparent oversight of financial
markets that safeguard the interests of savers and investors, particularly individuals.
“A transparent and equitably-applied system of rules helps ensure confidence in markets. And confidence is the lynch-pin of market structures,” he said.
He also pointed out that investors have more confidence in the markets that apply regulations equitably and clearly to protect against corruption and manipulation. "Confident investors attract more savers and investors, which in turn leads to healthy and stable markets," the envoy said.
"I urge Bangladesh, including Dhaka Stock Exchange, to implement clear and fair financial rules that allow shareholders to maximise benefits and minimise risks," Moriarty said.
Pointing to the fact that a healthy system leads to a strong economy, he said capital markets are yet another tool for Bangladesh to use as it builds
an economy that raises incomes, alleviates poverty and moves the country ahead.
DSE President Rakibur Rahman drew Moriarty's attention to day-by-day rise in the number of individual investors whose matured behaviour helps keep the local stock market stable.
Rahman said the present market capitalisation is around USS 20 billion, 43.8 percent up from March 1. The daily transactions reached $ 1.5 billion from S 43 million within a few years, he pointed out.
The DSE chief said there are around 2.2 million BO (beneficiary owners) accounts and about 10 million people are directly and indirectly involved with the market.
He also told the envoy that the DSE would lead a delegation to the USA very soon in order to attract and motivate the non-resident Bangladeshis there so that they can contribute in developing the capital market.