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Home / Trade & Commerce / Masterminds behind share market scam to be punished: PM

Masterminds behind share market scam to be punished: PM

— June 29, 2011

Staff Correspondent: The government will try masterminds behind the recent share market scam, Prime Minister Sheikh Hasina told parliament Tuesday amid fears of several parliamentarians who suggested for immediate action against stock market manipulators.

The premier said the finance minister should allow investment of undisclosed money in the share market. Such investment can be allowed after paying 10 per cent tax on government treasury bonds.

“The investors who will invest disclosed money in the sector will get 10 pet cent exemptions,” she said, adding that many IPOs (initial public offerings) will come in the market within two or three months.

She said her government has taken a number of steps, including reforming the regulatory body – Securities and Exchange Commission (SEC), to bring stability in the market. “We’ll definitely try masterminds behind the market crash,” she added.

The parliamentarians during Thursday’s session on the proposed budget said the government should allow investment of black money in the stock market, as a desperate remedy for a desperate malady like recurrent bourse crash.

Finance minister A M A Muhith in his proposed budget for fiscal 2011-12 kept provision for converting illicit money into white by paying 10 percent tax on government treasury bonds.

Prime Minister Sheikh Hasina said they have taken steps to bring stability in the capital market. “Most of the brokerage houses are pro-BNP. The stock market started collapsing when the main opposition party declared movements. There might have some games behind the crisis,” she said.

“Bangali is driven by rumour. The investors must have knowledge about the market. So I request them to invest in the stock market after inquiring enough information to avoid such crash,” the prime minister said.

Some key parliamentarians of the ruling party Tuesday expressed their fears that all the achievements of the government might go in vein unless it tackle the recent share market debacle successfully.

They requested the Awami League-led grand alliance government to take immediate measures to punish the masterminds behind the capital market scam, saying that it might put a negative impact in the coming general election, scheduled for 2014.

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