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Share Market Crisis: Whom to blame? January 29, 2011

Posted by bdoza in BANGLADESH, ECONOMY, GOVERNANCE.
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Government has formed an inquiry committee with Mr. Ibrahim Khaled as the chairman of the 3 member committee. He is given 2 months time to find out the loop holes of the share market of the past 2 years.

Even before initiating his investigation, the chairman said that it will be difficult to punish the stalwarts but atleast they will be able to identify the persons responsible for the irregularities of the share market.

In the meantime, immediately after the fall in the share market, a high level meeting in presence of the finance minister Mr.M A Muhith was held in the secretariat where fingers were pointed at a big businessman close to the government for the share market crisis.

The ordinary citizen does not like to blame any individual, rather he will blame the system or the regulatory bodies for the failure.

Barrister Moudud of BNP demanded the resignation of the finance minister. We don’t like to go that far. But atleast SEC should have taken the responsibility and chief of SEC should have resigned. 8angladesh Bank as policy maker and monitoring organization also should have taken some responsibility and should correct itself. So far an spokesman of SEC has been made OSD and an officer of SEC has been transferred. The measures are not enough to prevent the future collapse of the market.

The government also tried to revitalize the share market by the participation of the commercial banks in the share market. Many opine that progressive involvement of the commercial banks in the share market will jeopardize the share market as well as money market.

The serious concern is that if the offenders have political blessings, then the market will have little chance of revival.

An ordinary citizen

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