THE reputation of your paper inspired me to draw your attention to the real factors causing degenerating conditions in the moribund Dhaka Stock Exchange. Whereas other stock exchanges in the subcontinent are booming, such as the Bombay Stock Exchange whose index rose from somewhere around 5,000 to between 9,000 to 10,000. The opposition parties in India made a hue and cry for such a rise in the Lok Sabha but the security exchange authorities of India refuted it saying that they had repeatedly surveyed the market and found intensive foreign and local buying. There was no manipulation. It seems they are investor-friendly and their stock market is booming.
Our Finance Minister has repeatedly said that our economy has been improving. If so, a person of your calibre should research the causes of the persisting instability in our capital market.
Is it the result of an unfriendly attitude on the part of the Securities and Exchange Commission towards investors and market circles? Rules and regulations similar to those of highly mature stock exchanges of London, New York and Tokyo were thrust upon the immature DSE without taking into account the conventions, traditions and old rules and regulations.
I shall be grateful to you if you would please undertake a detailed survey and point out the defects hindering the functions of the DSE for the benefit of the investing public and the government for corrective measures.
Uttara Model Town, Dhaka