Finance Minister AMA Muhith yesterday expressed dissatisfaction with Dhaka Stock Exchange's (DSE) role in the capital market, including the selection of a strategic partner in the demutualisation process.
“Regarding capital market, some are trying to catch fish in troubled waters. The DSE's role at this moment is not right,” he said while presenting his closing speech at a pre-budget discussion with economists at the National Economic Council auditorium.
He said though Bangladesh Bank relaxed the timeframe for banks to bring down the advance-deposit ratio from June to December this year, there was no reflection of the message in the market.
After the meeting, he told journalists that the share market was a serious issue. Prime Minister Sheikh Hasina, right before leaving for Singapore on Sunday, gave some instructions in this regard, said Muhith, adding that he would talk with her on it again on Thursday.
“I hope we will give a decision very soon,” he said, adding that it would be announced on Saturday or Sunday.
In response to questions from journalist, Muhith also said the DSE did not pay any heed to anyone.
The DSE is trying to sell their 25 percent share to a strategic partner to abide by the demutualisation rule. It has got two bidders.
One is a Chinese consortium comprising Shenzhen Stock Exchange and Shanghai Stock Exchange. The other is an Indian consortium of the National Stock Exchange of India, Nasdaq and Frontier Bangladesh.
The DSE board gave approval to the Chinese bid whereas Bangladesh Securities and Exchange Commission (BSEC) finds the India consortium suitable for the capital market.
The BSEC is looking into the Chinese consortium's conditions to see if it was eligible to get the approval.