Salehuddin points to players, regulators instability in bourses
Finance Adviser Dr Salehuddin Ahmed has pointed to players and regulators as the primary culprits behind the instability in the capital market.
Speaking at the publication ceremony of the sixth edition of the Banking Almanac at the CIRDAP Auditorium in the capital on Saturday (December 21), he said, “You are buying Z-category shares, which essentially do not exist. When share prices drop, you protest. I cannot support this behaviour.”
Salehuddin elaborated, “The Bangladesh Bureau of Statistics (BBS) has been instructed to publish accurate and available data without manipulation. The state of our capital market mirrors that of the banking and financial sectors. Investors continue to buy Z-category shares enthusiastically, despite their lack of real value. These shares will soon turn into waste paper. This behavior will inevitably lead to losses. While I am not blaming investors entirely, players and regulators hold significant responsibility, and this issue should be addressed publicly.”
He added, “We are here to fulfill our responsibilities, not to display power. Over the past 15 years, there have been numerous attempts to conceal information, leading to gaps and inconsistencies. We are working on reforming and correcting these issues. Donor agencies often question us, trying to justify past data discrepancies. We are clarifying that the previous data was intentionally hidden, and we are now presenting the truth.”
Salehuddin also discussed plans to establish a National Single Window, aimed at streamlining access to information for traders. “This system will allow traders to obtain all necessary information from a single source, eliminating the need to run to multiple places. If we fail to manage information coherently, greater challenges will arise. False data benefits no one—‘dear lies’ ultimately cause pain,” he said.
The event was presided over by Dr Hossain Zillur Rahman, Chairman of Banking Almanac and former Adviser to the caretaker government. Special guests included Finance Secretary Dr Md. Khairuzzaman Majumder and Bangladesh Bank Deputy Governor Nurun Nahar.
Khairuzzaman emphasised the government's efforts to restore discipline in various sectors, especially in the financial sector. “We are seeking the cooperation of development partners to maintain order and prevent chaos. Changes have already been made in several boards to achieve this,” he said.
Other speakers included Abdul Hai Sikder, Chairman of the Bangladesh Association of Banks (ABB) and Dhaka Bank; former ABB Chairman Nurul Amin; and the book's Executive Director Syed Zia Uddin Ahmed.
