Finance minister to visit SEC soon

As investors await a positive policy direction on the bearish capital market from the new government, Finance Minister AMA Muhit's forthcoming first-ever visit to the regulatory body has ushered a ray of hope.

The officials with the Securities and Exchange Commission told The Daily Star yesterday that problems and prospects of the market would come up for discussion during the minister's visit.

However, the date is yet to be scheduled, the officials said.

Meanwhile a team from the Dhaka Stock Exchange will meet Muhit today to place its five-year work plan for market development.

The plan styled 'Vision-2013', includes increasing market capitalisation to $35 billion from the existing $13 billion, bringing daily turnover to Tk 2,000 crore by 2013, introducing internet based trading, setting up an online-based National Settlement and Clearing House and upgrading the IT infrastructure.

Bringing the trading facility to people's doorstep and figuring strategies to protect investors' interest are also under the plan.

Referring to the SEC chairman's recent meeting with the finance minister, SEC Executive Director Farhad Ahmed said it seems that the new government is deeply committed to developing the capital market further.

Remembering the 1996 bubble and bust that took place in the market during the last Awami League regime, the investors, especially individual investors, are very eager for a policy support, analysts say.

They said despite several qualitative changes since the market crash, there is no chance of such a debacle. The investors want the government to come forward and restore their confidence, they added.