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PM’s lays foundation of Securities Exchange Commission building

DHAKA, Nov 24, 2013 (BSS)-Attaching importance to taking more awareness raising programmes for capital market investors, Prime Minister Sheikh Hasina today said careful investment can reduce the risk of capital, benefiting the investors, promoters and country’s economy.

She said the government has undertaken steps for total restructuring of the capital market including financial autonomy to the Securities and Exchange Commission to expedite its progress.

“But, awareness of the investors can lessen their risk in such a volatile market,” she said urging the concerned authorities to undertake more awareness building programmes to protect the interest of the small and new investors.

The Prime Minister said this while addressing a function on the occasion of laying foundation stone of the new building of Bangladesh Securities and Exchange Commission (SEC) at Bangabandhu International Conference Centre here.

Finance Minister Abul Maal Abdul Muhith attended the function as special guest while SEC chairman Dr M Khairul Hossain gave welcome address.

Sheikh Hasina said the government is implementing a special package to protect the interests of the small investors of the share market. They are being given tax- waiving facilities and 20 percent quota while issuing new IPO, she said.

Pointing out the creation of a Taka 5,000 crore open-ended mutual fund namely ‘Bangladesh Fund’, she said face value of the share of all companies and mutual fund has been made Taka 10.

Delivery of the dividends and bonus shares has been made mandatory within 30 days of the approval of the board while a ten-year master plan has been prepared to protect the interests of the investors and development of the share market, she said.

The Prime Minister said, in the regime of globalization, importance of the capital market is on the rise. It’s contribution to Bangladesh economy is also increasing.

Taking this into consideration, she said, the government has already reconstituted the SEC developing its infrastructure and giving it full economic autonomy.

She said steps were also taken for demutualization of the Dhaka Stock Exchange (DSE) to separate its management from ownership aimed at making its activities transparent and accountable.

A special tribunal has been constituted for speedy disposal of the cases relating to capital market with setting up surveillance system, she said.

“These steps helped making the capital market stable brightening the prospect of the country’s capital market in the global arena,” the Prime Minister noted.

Sheikh Hasina said Bangladesh economy has got a firm footing over the last five years due to relentless efforts of her government. Macro economy is now very much stable and its every index is progressing very positively.

Sheikh Hasina said Bangladesh’s maintained average annual economic growth of over 6 percent over the last five years despite the whole world was reeling under economic crisis. Our export will cross US$ 30 billion at the end of this year, she said.

The Prime Minister said her government has taken all steps for uninterrupted export of readymade garments (RMG) despite many obstacles and conspiracy at home and abroad. Our remittance is on the rise and reserve of the foreign exchange rose to US$ 17 billion, she said.

Over the last five years, she said, huge employment opportunities were created in the public and private sectors. Scopes were created for self-employment. Per capita income rose to US$ 1,044 now from 630 dollar five years back.

She said size of the country’s annual budget has grown up to Taka 2,22,491 crore from Taka 89,000 crore in 2008 while local and foreign investments in both public and private sector has increased.

Sheikh Hasina said her government has given utmost priority to infrastructure development including power sector,
communications and transportation.

Highlighting her government’s success in the economic and social sectors during the last five years, the Prime Minister said, continuation of the development is crucial in the coming days.

“Continuation of development is possible with continuation of the government,” Sheikh Hasina said hoping that the countrymen will take right decision in this regard in future.


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