The government will invest Tk 900 crore in the capital market in an effort to boost it and will take the investment back with interest on a long-term basis, Dhaka Stocks Exchange (DSE) President M Rakibur Rahman said here on Tuesday.The DSE president said the government will take 10 percent interest on the investment in a long-term process.
He was addressing a press conference at the DSE Bhaban apparently giving his reaction to the criticism made by Centre for Policy Dialogue (CPD) on Monday that the proposed investment was another government attempt to stabilise the capital market after a number of previous measures had failed.
The CPD should appreciate the government move to save the capital market and the general investors, the DSE President said.
As in any other country, it is only the government who can stabilize the capital market, Rakibur Rahman said, adding that it is neither the duty of the stock exchange nor that of the Security Exchange.
He said that DSE officials expect that the capital market of the country will grow like any other capital market in the developed, non-developed and developing country of the world.
DSE vice-president Ahmed Rashid Lali said CPD has made the comment without knowing anything about the proposed government investment in the capital market.
He said the DSE has asked for 5,000 crore from government to provide through financial organisations like ICB, Agrani Bank and Janata Bank to stabilise the market.
Talking about the demutualisation, Lali said the work will be finished by November this year as the consultation firms appointed by DSE will finish their work by July 20 and the final report will be sent to Bangladesh Security and Exchange Commission (BSEC) by July 30. The BSEC then will complete the demutualisation within 60 days.
The press conference was also attended by DSE vice president Shahjahan, DSE Director Sharif Ataur Rahman, Chief Executive Officer Swapan Kumar Bala and other senior officials. (Source: UNB
