Restore confidence in capital market

The eight-point recommendation submitted by the representatives of Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) to the Finance Minister are pragmatic and timely. I appreciate the suggestions of DSE and CSE and strongly support them. To stabilize the capital market and to bring back the confidence of the general investors, the government should give special attention on the proposals of DSE and CSE and should implement them without further delay. The government should abandon the idea of providing the tax identification number (TIN) mandatory for all beneficiary owners (BO) accounts. The proposal to allow undisclosed or 'black' money for investing in stocks for at least another year will surely provide a much-needed boost to the capital market. A well-functioning capital market is very important for the country's economy. A strong stock market means a strong economy. It was a very good sign that the capital market was expanding rapidly and the BO account holders increased from 1.5 million to 3.0 million. But because of the recent stock market crash, the number of BO account holders will likely be reduced as many small investors will come out of the market. It will have a negative impact on the stock market and also on the national economy. It is reported that the Securities and Exchange Commission (SEC) is severely under-staffed and is thus unable to perform its regulatory role adequately. The necessary appointments at the SEC should be made immediately, so that the "right person is in the right place". Finally, we strongly urge the concerned authority to listen to the people's voice and take timely steps to improve the prevailing situation in capital market and restore the confidence of the general investors. M Jalal Hussain Nakhalpara, Dhaka