BSEC chairman urged not to panic about capital market

Professor Shibli Rubaiyat-ul-Islam, chairman of the Bangladesh Securities and Exchange Commission (BSEC), urged not to panic over the capital market. “I urge investors not to lose out by selling their shares in panic,” he said. He made the call while talking to Sunbd on Saturday (June 26).

The BSEC chairman said since the financial year is over, there is the issue of tax collection. Many companies, on the other hand, have to close their June report, so they have to submit it to the regulatory body. All in all, I think the bank will remain open. And if the bank is open, the capital market will also be open. Therefore, I urge the investors not to be harmed by selling the shares in panic.

Earlier yesterday, the BSEC chairman said, it is not possible to stop everything now even if you want to. For example, bank transactions have to be continued in a limited way for the needs of the people. If the bank’s transactions continue, the transactions in the capital market will continue in a limited manner as before. He also urged investors not to worry about this.

In this regard, the President of the Bangladesh Merchant Bankers Association (BMBA) Chhayedur Rahman told Sunbd, I do not see anything to panic about the capital market. Because money is the end of the year. As a result, the National Board of Revenue has to collect taxes. On the other hand, the BGMEA president said that the garment industry will remain open. So the bank will remain open for normal reasons.

“We have seen that in the past, the capital market was open with banks,” he said. On the other hand, capital markets were open all over the world in Corona and it has been seen in upward position in Bangladesh as well. We believe that this continuity will continue in the days to come.

Meanwhile, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has said that the garment factories made in the announced lockdown will be free from the lockdown. However, all the hygiene rules declared by the government and issued by BGMEA must be strictly followed in operating the factory.

The government announced a seven-day nationwide crackdown on coronavirus infections from Monday (June 28th). This information was given in a notification signed by the Chief Information Officer of the Information Department Surath Kumar Sarkar on Friday (June 25) evening.

During the lockdown, all public and private offices will be closed except for emergency services, the statement said. Apart from this, all types of vehicles except emergency goods will be closed. Only ambulances and medical personnel will be able to move vehicles. No one can get out without an urgent reason. However, the media will be free.

A notification is to be issued by the Cabinet Division on Saturday (June 26) with a detailed order in this regard.

Sunbd/NJ