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No harmful decision for capital market to be taken: BMBA

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Staff reporter
Bangladesh Merchant Bankers Association (BMBA) on Wednesday said the BMBA will not take any decision that may impede the positive growth of the capital market.
Addressing a press conference at a city hotel, BMBA President Tanjil Chowdhury said that the proposals they sent to the Bangladesh Securities and Exchange Commission (BSEC) were part of their efforts to promote and protect the interest the country’s capital market.
“The Association always works hand in hand to promote and protect the interest of the capital market. The proposals sent to the Commission were no exception of this phenomenon,”
He informed that the BMBA submitted a number of proposals to the Bangladesh Securities and Exchange Commission (BSEC) on November 20.
“However, it’s unfortunate that it’s now being criticized by and from some responsible person in position, which is absolutely unacceptable,” BMBA President said.
According to BMBA, those recommendations have been formulated by a sub-committee and those have been circulated among all the Merchant Bankers giving a notice of one week for their opinion, if any.
BMBA leaders assured that the proposals have been sent in deliberation of the present market condition and they will meet the BSEC in the coming week to discuss on it.
The association, they said, strives to sort a way out to overcome the hurdles of financial crisis, margin burden and operational difficulties of the Merchant Bankers in a collective realistic approach.
BMBA Vice President M Moniruzzaman, Secretary General M Moshiur Rahman and members of the executive committee were present at the press conference.
“Equity of most clients went negative due to weak market situation, leading to pile up of margin loans that remained as unrealized losses for long and to overcome the situation,” the BMBA on November 20 wrote to Bangladesh Securities and Exchange Commission (BSEC) to take immediate steps to help strengthen the financial footing and improve governance of the merchant bankers.