26/02/2014: Honorable Prime Minister hopes a developed Bangladesh before schedule


Honourable Prime Minister hopes a developed Bangladesh before schedule

DHAKA, Feb 26, 2014 (BSS)- Prime Minister Sheikh Hasina today expressed her firm optimism that Bangladesh much earlier than 2041, a timeframe stipulated in the last election manifesto of her party, would be a developed nation by dint of hard labour of the people and country's geographical location.

"We aimed making Bangladesh as a developed nation by 2041. But, keeping trust with the hard work, sincerity and ability of our people we would surely be able to earn the status much earlier than the period," she said.

The Prime Minister said this when a delegation of Bangladesh Security and Exchange Commission (SEC) called on her at her office here today.

During the call on SEC chairman Dr M Khairul Hossain apprised the Prime Minister of inclusion of the stock market regulatory body as a A-category organization in the list of the International Organization of Securities Commissions (IOSCO), a body recognizes global standard of security regulators.

The Prime Minister extended her sincere thanks and felicitation to the SEC commissioners and officials and employees of all level for their team work and sincere and coherent efforts to achieve the global recognition for the SEC, helping it to come out of image crisis over the years.

Finance Minister Abul Maal Abdul Muhith and PM's adviser on economic affairs Dr Moshiur Rahman, SEC commissioners Prof Helal
Uddin Nizami, M Amzad Hossain, Arif Khan and Md A Salam Sikder,
were present.

Principal Secretary to the Prime Minister Abdus Sobhan Sikder, PMO secretary Md Abdul Kalam Azad, were also present on the occasion.

Receiving the IOSCO certificate from the SEC chairman, the Prime Minister appreciated the team work of the SEC commissioners saying the Commission has accomplished huge complicated tasks for its reform, build up confidence of the investors and ensure transparency in the activities and companies and browsers.

Sheikh Hasina said, along with other sectors, her government has brought many reforms in the stock market regulations which were easy to say but difficult to frame and execute.

She said, new rule and regulations were enacted for SEC while old ones were reformed. "Steps were taken to ensure accountability of all organizations relating to stock market while the Commission was reconstituted newly", she said.

"Apart from this, the SEC has been given economic freedom and power to prepare their own budget while SEC staffs were given better salaries and benefits," she said.

In this regard, she pointed out the demutualization of the stock markets saying the government has made the difficult reform to separate ownership of the companies from management.

"We could bring so many reforms in the regulatory system as our government did not come for business, rather creating opportunities for the businesses. Due to this we could take many difficult decisions," she said.

Assuring the SEC of giving all support for its further development, the Prime Minister said, the IOSCO recognition would brighten country's image helping attract foreign investment.

She said, Bangladesh could come out of the grey list of Financial Action Task Force (FATF) on Money Laundering, an intergovernmental organization founded due to government's action against money laundering and terror financing.

Sheikh Hasina said, despite global economic crisis and local political turbulence, country's overall investment never went down and export did not decline.

"Poverty has been declined in rural areas and the country is moving ahead," she said adding, "Bangladesh's success has been welcomed by international community."

Pointing out her government's steps to check fraudulence practices and irregularities in the share markets, the Prime Minister said, "surveillance software has been set up in the SEC to strengthen observation and monitoring on markets."

She said steps were taken to stop misuse of power to withdraw capital through pre-IPO private placement. "Introducing uniformed face value of all shares and mutual fund, price of every share has been made at Taka 10 to check the tricks of increasing share price artificially through splitting the number of shares," she added.

The Prime Minister said the government has allocated land in Agargaon for construction of a 10-stories SEC building and undertaken a ten year master plan for SEC to establish modern and stable capital market.

Expressing her firm determination to build a nation based on the spirit of the war of liberation and materialize the dream of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman, the Prime Minister sought support of all in this regard.