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Bangladesh’s capital market has become a “den of robbers” where small investors are repeatedly defrauded and manipulated, said Shafiqul Alam, Press Secretary to the Chief Adviser.
He made the remarks while addressing as the chief guest at a CMJF Talk event organised by the Capital Market Journalists Forum (CMJF) on Sunday.
Shafiqul Alam painted a grim picture of the state of the stock market, saying, “One robber leaves, and another takes their place. This cycle has turned the entire market into a haven for corruption.”
He said such concerns were raised strongly during recent high-level meetings with the Chief Adviser, where urgent reforms were emphasised. “Why can’t we take meaningful steps to reform the market? Because those brought in to fix it are often just another set of manipulators,” Alam remarked.
Quoting Nobel laureate Professor Muhammad Yunus, Shafiqul stressed the need for “deep and ruthless reforms” in the capital market, adding that only individuals with no ties to vested interest groups could lead genuine change. “Everywhere in the world, capital markets undergo reforms and improve. But in Bangladesh, those who come to reform the market often turn out to be part of the same scheming networks,” he said.
Alam pointed out that most previous attempts at reforming the Bangladesh Securities and Exchange Commission (BSEC) or the broader capital market have historically served the interests of influential groups rather than ordinary investors.
“Successive groups have looked after their own interests, and as a result, the major players always come out on top. In contrast, small investors—people who invest their savings—are often left cheated,” he said.
He alleged that certain groups have engaged in organised manipulation of the market for years, yet no government has taken strong action against them. “We fear that local reformers may again be compromised. This is why we’re focusing on bringing in foreign experts,” Alam added.
The press secretary revealed that the Chief Adviser has decided to bring in foreign specialists to lead the stock market reform process within a three-month timeframe. These experts will review the system, identify the necessary steps, and guide rapid implementation to elevate the market to international standards.
“Stock market reform isn’t rocket science. Global markets follow standard principles and frameworks. The danger with relying on local reformers is that they may get co-opted by powerful groups, and we won’t be able to monitor them properly,” he explained.
Alam cited successful examples from countries like Sri Lanka and India, expressing confidence that Bangladesh too could carry out effective, independent reforms.
In a strongly worded statement, Alam said many people have used the stock market for illicit financial gains over the years. “We’ve seen people close to influential individuals become millionaires through market manipulation. That system must not be allowed to return,” he warned.
He stressed that the Chief Adviser is committed to safeguarding the interests of general shareholders and ensuring the capital market is no longer held hostage by a handful of players.
No plans to handover Chittagong Port, but reforms underway
Addressing a separate issue during the same event, Shafiqul Alam also dismissed widespread rumours that the government plans to hand over control of the Chittagong Port to foreign entities. “The government is not giving away the port to anyone,” he clarified.
He said discussions with foreign companies are focused on improving terminal management and attracting investment to boost port efficiency. “So far, we have received $3 billion in investment assurances for Chittagong Port development. Enhancing the port’s capacity will positively impact the entire economy,” he noted.
Alam stated that the interim government expects a significant increase in foreign direct investment (FDI) by the end of its term, particularly due to reforms targeting port operations. “The government’s goal is to allow leading global firms to help manage and modernise the port,” he said.
He added that Bangladesh currently lacks the technology, expertise, and experience to elevate the port’s performance, which is why it is engaging with top international port operators like DP World (Dubai), AP Moller Maersk, and the Port of Singapore Authority. “If these firms are brought in, the port’s efficiency will rise significantly,” he said.
Alam also pointed to the stagnation of over 100 economic zones (EZs) approved under the previous government, which he said remain largely unused. “Many of these zones have turned into buffalo grazing fields due to lack of port capacity. We spent large sums acquiring land, but investors are not coming,” he explained.
He reiterated that improving port efficiency is crucial to transforming Bangladesh into a manufacturing hub and attracting international investment. “There’s no better place in the world for investment than Bangladesh—if we get the fundamentals right,” he concluded.
The event was presided over by CMJF President Golam Samdani Bhuiyan and conducted by General Secretary Abu Ali.
