Weak Regulator, Players Responsible for Volatile Share Market

Interim government financial adviser Dr Salehuddin Ahmed has stated that investors are not to blame for the volatility in the stock market. Instead, significant responsibility lies with the players and regulators. He emphasized the need for awareness campaigns to address this issue.

The adviser made the remarks while speaking at the unveiling event of the sixth edition of "Banking Almanac", a book of information on banks and financial institutions of the country, at the CIRDAP Auditorium in Dhaka on Saturday (December 21).

Dr Salehuddin said, "Many are buying shares in the Z-category companies that essentially have no existence. Despite knowing this, these shares are being bought with great enthusiasm. These will eventually become waste paper. On the other hand, people protest as soon as share prices drop, which I do not support."

He added that the Bangladesh Bureau of Statistics (BBS) has been instructed to publish data accurately without manipulation. He pointed out that the conditions in the stock market are as concerning as those in the banking and financial sectors.

Referring to the last 15 years of data discrepancies, Dr Salehuddin said that attempts were made to conceal information. Efforts are now being made to reform and rectify these issues.

The adviser further mentioned, "We haven't come here to demonstrate power but to fulfil a responsibility. We are working on establishing a National Single Window so that businesses can access all necessary information in one place without having to run to multiple locations."

The event, chaired by Dr Hossain Zillur Rahman, Acting Chairman of the Banking Almanac Board of Editors and a former caretaker government adviser, began with a welcome speech by Syed Ziauddin Ahmed, Executive Editor of the "Banking Almanac" book.

Special guests at the event included Finance Secretary Dr Md Khairuzzaman Mozumder, Bangladesh Bank Deputy Governor Nurun Nahar, and Bangladesh Association of Banks (BAB) Chairman and Dhaka Bank Chairman Abdul Hai Sarker.

Other notable speakers included Mohammad Nurul Amin, an esteemed member of the Banking Almanac Board of Editors and former Chairman of the Association of Bankers Bangladesh (ABB) and Chairman of Global Islamic Bank, as well as Project Director of the Almanac, Abdar Rahman.