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DBA demands IPOs review to allow bourse move forward

Published : Friday, 19 January, 2024 at 12:00 AM  Count : 279
Business Correspondent
DSE Brokers Association of Bangladesh (DBA) lamented floor price (minimum price) in last one and a half years in the stock market saying that it hampered transaction in the stock market which has decreased business turn over to a large extent.
 
At an exchange of views with Capital Market Journalist Forum, DBA president Saiful Islam said about 80 per cent of brokerage houses are now unable to meet their operating cost. DBA organized this meeting at the Dhaka Stock Exchange (DSE) office on Thursday.

Saiful Islam said, "We all have suffered in the past one and a half years. No worthy transaction could take place in almost last 20 months. There are about 250 brokerage houses and about 320 companies are running enlisted.  He called for removal of floor price from all companies without exception. "Let the market run like a market," he said.

He said, "Our demutualization (separation of management from stock exchange ownership) took place in 2013. It had hurt us, but we still accept it. It has been 10 years since 2013. After these 10 years, it is time to review what we believe and how realistic was the law that was passed, how market friendly it has been and how market has developed.

He said, "The economy has improved in the last 15 years since 2010, GDP size, microeconomics, infrastructure sector improved but we have not got the benefit of any of these in this in the stock market. If we compare with the overall progress of Bangladesh, the whole economy is going one way, and we are going the other way."

The DBA president also criticized the initial public offer (IPO) system. He said, "I think it is time to review the IPOs that have come in the last 15 years. If the review is not done, the problem will not be identified and we cannot move forward."

DSE Managing Director (MD) Dr ATM Tarikuzzaman said laws and regulations of the stock market should be made market friendly. Majeda Khatun, president of Bangladesh Merchant Bankers Association (BMBA) spoke on the occasion.

Shakil Rizvi, Director of DSE said, "We want a good stock market. Good stock market will help industrialization. Employment of people will increase. Peoples participation in the capital market will increase.

In our neighboring country India we can see massive people in the stock market. We want people to participate in our stock market."

Minhaj Mannan Emon, former director of DSE, said 60-70 per cent of the employees of the brokerage houses have left. The big houses have somehow survived. The condition of the small houses is very bad.

CMJF president Gulam Samdani, former president of BMBA Sayadur Rahman also spoke on the occasion.



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