Stock market manipulated for political gains in past: Khosru

BNP Standing Committee Member Amir Khosru Mahmud Chowdhury has said the government had used stock market as a tool for political exploitation for the last 15-16 years, reports UNB.

The BNP leader made the remarks while speaking at a discussion on 'The Current State of the Bangladesh Capital Market and Way Forward' at DSE Multipurpose Hall in the capital's Nikunja area on Wednesday.

He said it must be admitted that none of past governments of Bangladesh could ever own the stock market. The stock market had been considered as a third matter or separate thing outside the economy. "But it is a driving force for the economy," he said.

Amir Khosru, also the founding chairman of Chittagong Stock Exchange, said the stock market was neglected despite its significant role in the economy.

He said the first and foremost thing is that the government must own the stock market for the sake of the economy.

The former commerce minister stressed the need for integrating the stock market and other related forces of the economy.

"We can surely tell you if there is a change in the government and we'll get scope (to run the government) being elected with the votes of the country's people, we'll own the stock market," he said.

He put emphasis on ensuring transparency and self-regulation as well as making those who looted the share market accountable.

He said those who looted the stock market need to be identified and bring them under a new legal process. If it could not be done, then the manipulators will continue the same things directly or indirectly in the share market because at the end of the day, money talks after all. The brokers association should be careful about it, he said.

"I would like to request that you please make sure that those who manipulated the stock market and looted the money of million common people must be accountable," said Khosru.

Former chairman of Bangladesh Security and Exchange Commission Faruq Ahmad Siddiqi also spoke at the function chaired by President of DSE Brokers Association of Bangladesh Saiful Islam.