Shafiqul Alam, Press Secretary to the Chief Advisor, strongly criticized the current state of Bangladesh’s stock market, calling it a “den of robbers.”
Speaking at a dialogue organized by the Capital Market Journalists Forum (CMJF) in Dhaka on Sunday, he stated, “As soon as one looter leaves, another takes over. Serious reforms are urgently needed, and the Chief Advisor is prioritizing this.”
Alam emphasized that historically, market reforms have been shaped by vested interest groups, which has consistently benefited major players while harming small investors through manipulation and fraud.
“Some groups have orchestrated scams in an organized way, but no government has taken strong action against them,” he said.
He warned that even those who now advocate for reforms may be driven by hidden agendas. Therefore, any new reform initiative must be led by individuals far removed from these interest groups and capable of implementing change decisively.
To ensure neutrality and effectiveness, the Chief Advisor has proposed engaging foreign experts to reform the market and raise it to international standards.
A three-month timeline has been set, within which these specialists will identify necessary actions and recommend immediate steps.
Alam also pointed out how some individuals have used the stock market to amass illegal wealth, becoming millionaires simply by staying close to influential figures.
“The Chief Advisor is committed to protecting the interests of ordinary investors and preventing the return of such a scenario,” he added.
Explaining the rationale for bringing in foreign experts, Alam said, “Reforming the stock market isn’t rocket science. There are global standards and practices. But if we rely solely on local reformers, they might be influenced or bought off by vested groups—something we can’t always monitor. That’s why we are leaning toward foreign experts, as done in Sri Lanka and India. If they could do it, so can we.”
