Trillions of takas were embezzled from the stock market by design of fraud, manipulation, placement shares, and deceit in the IPO direction of, the closing draft of the White Paper on Teach of the Bangladesh Financial system has stated.
The parable, published this day (1 December), stated the the same heavyweights who were the culprits of the banking map, were moreover in the wait on of demolishing the boldness in the share market.
“A important manipulation network lively influential entrepreneurs, explain managers, auditors, and a obvious class of investors emerged,” it stated.
The Bangladesh Securities and Alternate Commission, tasked with the job of regulating the capital market, has failed in the job of accountability sooner than vested neighborhood stress, the paper stated.
“Choices touching on the Preliminary Public Offering and secondary market administration, as taken by the rate, fall making an try regulatory most productive practices. This has resulted in the erosion of investor self assurance in the map.”
The committee stated foreign participation in the capital market used to be moreover insignificant, essentially as a consequence of concerns over tainted practices and an absence of transparency, especially concerning the offer of company knowledge.
“This has resulted available in the market being largely dominated by domestic investors.”
It moreover stated it used to be laborious to gauge how winning the market devices were given the shortage of a transparent and legit valuation direction of.
“This lack of clarity undermines investor self assurance and restricts market increase.”
