‘All that needs be done will be done’

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No government agency will ask any question about ‘undisclosed income’ invested in the stock market, and short-, medium- and long-term plans will be announced in a day or two, a prime minister-led meeting has decided.

An SEC member, briefing newsmen on the nearly 4-hour-long high-profile meeting on Wednesday night, said the commercial banks would go all out to inject more cash into the market that has seen poor turnover during the past weeks.

“No government agency will raise any questions about undisclosed income,” Arif Khan said after the Ganabhaban meeting that ended minutes before midnight.

“The plans will aim to help the small investors recover their losses,” he said adding they plans could be disclosed within one or two days.

“The prime minister has said everything that’s needed will be done for the stock market,” he added.

Another SEC member Helal Uddin Nizami said recommendations for several new measures came up for discussion in the meeting and they would be mulled over in the next few days.

Dhaka Stock Exchange president Shakil Rizvi said an announcement could be made on Nov 20.

The prime minister’s meet follows a massive fall in stock prices for three consecutive days after the nine-day Eid recess and a series of street protests by small investors.

Battered share prices soared on the two bourses buoyed by the news of the brainstorming.

Local government minister Syed Ashraful Islam and prime minister’s adviser H T Imam were present at the meeting.

Stock market regulator SEC chairman M Khairul Hossain, its members Helal Uddin Nizami, Amzad Hossain, Arif Khan and A Salam Sikder, Dhaka Stock Exchange president Shakil Rizvi and Chittagong Stock Exchange chairman Fakhruddin Ali Ahmed were also present.

Besides, finance secretary Mohammad Tarek, Bank and Financial Institutions Division secretary Shafiqur Rahman Patwari, NBR chairman Nasiruddin Ahmed and member Amir Hossain also seen entering the venue.

Also present were Bangladesh Bank deputy governor Nazrul Huda, Investment Corporation of Bangladesh managing director Mohammad Fayekuzzaman, Insurance Association president Sheikh Kabir Hossain, and Insurance Regulatory and Development Authority chairman Shefayet Ullah.

Pubali Bank chairman Hafiz Uddin, Rupali Bank chairman Ahmed Al Kabir and Standard Bank chairman Kazi Akramuddin were also present at the meeting.

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