New chief of Dhaka bourse stresses transparency, accountability

Only transparency and accountability can stabilise the volatile stockmarket, said the newly elected president of Dhaka Stock Exchange yesterday.
Everyone talks about a lack of confidence following last year's debacle in share prices, said Rakibur Rahman who was elected uncontested as the DSE chief on Thursday for the next one year.
The confidence will be rebuilt automatically if transparency and accountability are ensured, Rahman said.
“It would be the market intermediaries' transparency in their activities and accountability to the regulator and investors, issuer companies' transparency in financial disclosures and accountability to the regulator, exchange authorities' accountability to the regulator and transparency in market operation.”
The investors should also be transparent in their investment activities and accountable to the regulator, said Rahman, also the managing director of Midway Securities Ltd, a stockbroker.
“My main agenda would be to work for ensuring transparency and accountability in every part of the market,” he said while sharing his plan with The Daily Star.
He also said, this time he does not want to see any intervention of the regulator or the government in the daily trading activities, which happened frequently until last year.
“We don't need to watch the ups and downs in share prices or indices. The market will go on its own way. We just need to create favourable environment for the investors,” said Rahman, who took charge of the premier bourse yesterday afternoon.
This is the third term for Rahman to lead the DSE board, as he served the board as its chief from 1998 to 2000 and in 2008.
However, a probe committee headed by Bangladesh Krishi Bank Chairman Khandker Ibrahim Khaled in its report on last year's stockmarket scam advised the government to be careful about Rahman, as he exercised too much influence regarding stockmarket affairs.
Asked about the probe report's remark, Rahman said: "With due respect to Ibrahim Khaled, I want to say that the report highlighted only some public opinions about me, not any findings.”
“I don't see myself as an influential person. Perhaps, people may think I am an influential person, as I was vocal on the market affairs such as offloading of government shares and funding of Padma Bridge from the capital market.”
Manipulators should be punished for the sake of accountability and transparency, he said, adding that supply of shares to the market based on demand should also be increased.
The government can use the stockmarket as a source of fund to develop the country's infrastructure, he said.

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