The Finance Minister, Abul Mal Abdul Muhith, on Sunday told the Jatiya Sangsad that the government has taken an initiative to enact a law with the provision for compelling the companies to buy shares of specific amount from the capital market through by-back system when the price of share would fall.
He also said that about one lakh investors who entered the capital market during the debacle came to the market for earning huge profit through ‘manipulation’.
‘We have a taken the initiative to enact the law and the bill in this regard will be placed before the House in the current session,’ said the minister, replying to a question from ruling Awami League lawmaker Molla Jalal Uddin during the questions-answers session.
He also said that after enactment of the law the companies would not get the chance to go out of the market after earning huge profits.
Jalal drew the attention of the minister to some companies like KPCL and OCL saying that the companies earned huge profits from the market and now using the money in other businesses.
The AL lawmaker also pointed out that price of the primary share of these companies was Tk 300 and now the price stood at Tk 80 to Tk 90 as the companies were using the money to other purposes after selling out the shares.
Answering to another question from Abdur Rahman, he also said that about one lakh investors who entered the capital market during the debacle came to the market for earning huge profit through manipulation and the government would take punitive measures against them.
‘When the price falls we try to keep the market stable in various ways. But it is unfortunate the investors do not sell their shares at that time to overcome the loss,’ he said.
Replying to another question from Shamsul Haque, the minister said that the high-powered inquiry committee was working to find out the reasons behind the stock market debacle and it would submit an interim report if any important information is found in this regard.
The government had already taken some measures to check abnormalcy in the index of share market and some more initiatives would be taken for the small investors, said the minister replying to another question from Hossain Makbul Shahrier.
Answering to a question from Md Ishrafil Alam, the minister told the House that the total number of BO account holders was 33 lakh 54 thousands and 46 till January 17, 2011.
The minister, however, got irritated when independent lawmaker Fazlul Azim wanted to know about the government moves to bring pace in the country’s economy.
‘You always ask irrelevant questions. I will not answer it. Such question should be expunged,’ the minister said.
But the Speaker, Abdul Hamid, said that any question could be asked but notice should be issued for that in advance.
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