Published: May 11, 2025, 07:27 PM
AI gererated
Stock market investors have claimed that nearly Tk 90,000 crore was lost from the capital market in the last eight months, as the index fell by more than 1,000 points. They have also called for the immediate removal of the chairman of the Bangladesh Securities and Exchange Commission (BSEC), accusing him of mismanaging the market.
These statements were made by the leaders of the Bangladesh Capital Market Investors Association (BCMIA) at a press conference held at the Capital Market Journalists Forum (CMJF) auditorium on Saturday. Their demand came ahead of a scheduled meeting on Sunday, to be chaired by Chief Adviser Professor Muhammad Yunus, aimed at reviewing the current condition and developments in the capital market.
The investors warned that if genuine investor groups are not represented in the meeting, it will not lead to meaningful outcomes. They criticized the participants chosen for the meeting, claiming they do not understand the challenges of the stock market, and argued that only those who have failed to address the ongoing crisis were included.
The investors linked the consistent market decline to the appointment of Rashed Maqsood as BSEC chairman, accusing his leadership of being flawed. The Dhaka Stock Exchange’s main index fell by 149 points, or 3.02%, to 4,802 points on Wednesday, marking the largest drop in five years.
According to the investors, the capital market has suffered substantial losses over the past eight months, especially after political turmoil, which severely damaged investor confidence. They also alleged that the financial advisor to the government has not taken any action to remove Maqsood due to familial ties, and claimed that a special assistant to the chief adviser is also supporting him.
BCMIA leaders emphasized that Rashed Maqsood lacks adequate knowledge of the stock market. Speaking at the press conference, BCMIA president SM Iqbal Hossain and General Secretary Nurul Islam Manik called for his urgent removal, a sentiment they said was shared by other stakeholders, including a former BSEC chairman.
Iqbal Hossain further stated, “Almost 90% of investors have lost their capital and are destitute. The stock market has returned to a negative trend.”
