Muhith signals steps to fast-track stockmarket cases

The government plans to set up a special court to fast-track cases tied to the capital market, Finance Minister AMA Muhith said yesterday.
The government also plans to form a financial reporting council and a clearing and settlement company to protect the interests of investors, he said in parliament in response to lawmakers' queries over the troubled stockmarket.
The government is also considering enacting the financial reporting law, setting up the international standard surveillance software and reforming the laws on securities to make the stockmarket vibrant and transparent, Muhith said.
The minister refused to respond to another query of Awami League lawmaker Abdur Rahman who sought to know if the government would take further “positive measures” to rebuild investor confidence in the market.
“It is difficult to disclose the next course of action. If I speak here, it may have an impact on the market,” Muhith said. “It's better not to disclose any further measure.”
Pointing out the downward trend on Dhaka and Chittagong bourses, the AL lawmaker said the confidence level of investors reached zero.
In response to a query by lawmaker SK Abu Baker, the minister said the government has already taken punitive measures against the persons responsible for the share market crash after conducting investigation.
Muhith also said the government has taken short- and long-term measures to restore stability in the capital market.
Muhith said the government has formed an advisory council, re-constituted the Securities and Exchange Commission and formed a committee consisting of representatives from the finance ministry, Bangladesh Bank, Dhaka and Chittagong bourses to ensure transparency in the capital market.
“The government expected that the share market will stabilise after those measures. Initially, it had stabilised. But the behaviour in the secondary market is illogical and inappropriate,” Muhith said.
On floating shares of government companies, he said the shares of one company have already been floated. “We listed another 14 companies to float their shares in the market in February,” he added.