Our stock market is unique in world, says Muhith

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Finance Minister AMA Muhith on Thursday said there's no similarity of Bangladesh's stock market to other markets of the world, report agencies. He said this while replying to supplementary question in parliament on the sensitive share market issue. Responding to another supplementary question, Muhith said as per his own understanding the government has taken some decisions for the welfare of the market and its investors. "We have taken all necessary measures to keep the capital market steady. I don't see any loopholes on the part of the ministry as well as the SEC to this end," he added. Replying to another supplementary of S K Abu Baker, Muhith told the House that the government has already taken some steps against those responsible for the recent fall in the share index. "Two cases have already been lodged, 14 investigations were conducted and some people were punished for their immoral act centering the share market," he elaborated. Replying to a supplementary question, he, said the government has already offloaded the shares of one state-owned enterprise (SOE) in the market while another five to ten SOEs are on the list with specific timeframe. He mentioned that the government has taken steps to offload the shares of a total of 14 SOEs in the market to increase the flow of quality shares. Answering to the main question, he apprised the House that only 1.1 million investors are engaged in transaction in the secondary market through their BO accounts. AMA Muhith also informed the Parliament that the list given from the Communications Ministry for the work of Tk 6.90 billion was not clear. "At first, they even did not provide the list," he said in reply to a supplementary question from ruling party lawmaker KM Khalid. The finance minister said that as per the rules, a ministry must name its programmes to avail the money from his ministry. "But the Communications Ministry did not do that. When there was a chaos in repairing the roads, at that time the Prime Minister directed the Communications Ministry to submit the list," he said. Muhith said the list given eventually by the Communications Ministry was not clear. "But we have given almost 80 percent of the money and rest of the money will be given quickly." Regarding the Tk 14.10 billion project for roads and highways, he said that the Finance Ministry is not involved in that project. "Communications Ministry and Planning Ministry are the authorities involved in that project. So, there is no involvement of my ministry and my ministry is not responsible for releasing the fund," said the Finance Minister. Replying to another question Muhith informed the government has taken Tk 94 billion (9,470.34 crore) as loan from banks. He also said in the Jatiya Sangsad Tk 1.76 billion (176.66 crore) source tax came from the real estate sector in the last fiscal 2010- 2011.