5:16 pm - Saturday May 24, 7423

PM for raising share market awareness among investors

Prime Minister Sheikh Hasina asked the authorities concerned for taking more programmes to make small and new investors aware about relevant laws and rules of the share market to minimise their risks.

“I would like to ask all concerned to take more awareness-raising programmes for the small and new investors in the capital market so that they can understand the risks,” she said.

Hasina was addressing a function after laying the plaque of foundation stone of Bangladesh Securities and Exchange Commission (BSEC) at the Bangabandhu International Conference Center (BICC) on Sunday.

sheikh-hasina_25Finance Minister AMA Muhith spoke on the occasion as a special guest while BSEC chairman Dr M Khairul Hossain gave the welcome address, reports UNB.

The 10-storey BSEC building will be built at a cost of TK 43.86 crore to be entirely borne by the BSEC. BSEC and department of Housing and Public Works will implement the project by December 2015.

Once completed, the building will have some 89,250 square feet space with a multipurpose conference room, state-of-the-art library, a daycare center, a canteen, uninterrupted power supply and solar power.

Mentioning that a 10-year master plan has been formulated for the development of the capital market as well as to protect the interest of the investors, Hasina said it was often seen that the small investors face problems for lack of knowledge about relevant laws, rules and regulations.

She said that if the master plan is implemented properly, then it would be possible to avert problems in the future.

Sheikh Hasina said the government is in the process of implementing a special package to protect the interests of the small investors of the share market. “They’re being given tax-weaving facilities and 20 percent quota while issuing new IPOs,” she said.

Referring to the creation of a Tk 5,000-crore open-ended mutual fund, ‘Bangladesh Fund’, she said, the face value of the share of all companies and mutual fund has been made Tk 10 one.

The Prime Minister said the delivery of the dividends and bonus shares has been made mandatory within 30 days of the approval of the board.

Hasina said the country’s economy has got a firm footing over the last five years due to relentless efforts of her government. The macro economy is now very much stable and its every index is progressing very positively.

She said Bangladesh’s economy has maintained average annual economic growth of over 6 percent over the last five years despite the whole world was reeling on economic crisis. “Our export earnings will cross US$ 30 billion at the end of this fiscal year.”

The Prime Minister said her government has taken all necessary steps for interrupted export of readymade garments (RMG) despite many obstacles and conspiracy at home and abroad. “Our remittance is on the rise and reserve of the foreign exchange rose to US$ 17 billion,” she said.

She said the size of the country’s annual budget has grown up to Tk 2,22,491 crore from Tk 89,000 crore in 2008 while local and foreign investments in both public and private sectors has increased substantially.

Hasina said steps have already been taken for the demutualisation of the Dhaka Stock Exchange (DSE) to separate its management from ownership aimed at making its activities transparent and accountable.

A tribunal has been constituted for the speedy disposal of the cases relating to capital market with setting up surveillance system, she said.

“These steps have helped make the capital market stable brightening its prospect in the global arena,” the premier observed.

She also expressed her firm desire to build a hunger- and poverty-free prosperous, middle-income country by 2021 when the country will be celebrating its golden jubilee of independence.