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Hasina stresses awareness for stock investors

Star Business Report
Prime Minister Sheikh Hasina yesterday emphasised awareness programmes for stockmarket investors, as they need to know about securities rules and regulations as well as the risks to their investment.
The investors often blame the government when they incur losses, but take credit upon making profits, she said. "It's a general perception, although there is no involvement of the government in the capital market."
"All the related rules and regulations should be publicised more. Awareness should be increased among people to minimise the investment risks and to inform the people about the risks," she said, adding that it will benefit the investors, entrepreneurs and the economy.
The prime minister was speaking at the foundation stone-laying ceremony of Bangladesh Securities and Exchange Commission's (BSEC) at Bangabandhu International Conference Centre in Dhaka yesterday.
BSEC is to construct its own 10-storey building in the capital's Agargoan area at a cost of Tk 43.86 crore. Construction will begin in January' and is expected to be completed in December 2015.
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Referring to the importance and increasing contribution of the capital market in enhancing investment, production and trade, Hasina said the government has taken various measures to restructure the stocks regulator and accelerate progress.
"The commission has already been reshuffled. It has been given financial autonomy. Infrastructure de-velopment has also been done. The Securities Exchange Commission Act and Securities and Exchange Ordinance have been revised."
Steps have been taken and an act has been formulated to demutualise the stock exchanges by separating
management from ownership to bring transparency and accountability in stock trading, she said.
A special tribunal has been formed for speedy disposal of capital market related cases, she added. "A special package is being implemented to protect the retail investors' interest. Twenty percent IPO quota has been kept for them. Steps have been taken to waive interest."
Citing the Tk 5,000-crore Bangladesh Fund, uniform face value of shares at Tk 10 each and mandatory disbursement of dividends within 30 days of board approval, Hasina said: "Stability returns to the capital market for all these steps."
Commenting on BSEC's 10-yearly master plan, she said if the master plan is implemented properly, it would be possible to avert problems in future.
Hasina also cited the government's achievements in various areas, especially in power, education and the macro economy during her tenure.
She said the country's economy has gotten a firm footing in the last five years due to relentless efforts by the government.
Finance Minister AMA Muhith said although the BSEC was set up in 1991, there was no real regulator till 2009 due to weak rules and regulations.
"After 2009, the market saw a big rally due to some wrong decisions, but it crashed in late 2010. However, the restructuring of the regulator started then," he said.
With the restructuring activities, the market is completely in a stable position for the last two years, he added.
In his welcome speech, BSEC Chairman M Khairul Hossain said the market capitalisation to GDP ratio in Bangladesh is 25 percent, which is 70 percent in India, 119 percent in the IIS and 150 percent in Singapore.
"It shows that we have the opportunity to develop our stockmarket further."