The delay in issuing the circular for the reappointment of BSEC Chairman Shibli Rubayat-Ul-Islam has dampened market sentiment. Despite the Prime Minister’s Office approving his second term on April 4, the finance ministry has not published the circular yet, leading to uncertainty among investors. Three other BSEC commissioners are also set to conclude their tenures in mid-May and early June, adding to the apprehension. Market insiders express concern over the lack of decision regarding the commission’s reappointment, which is eroding investor confidence. The stock market has been on a downward spiral since the removal of the floor price on January 19, with the DSEX losing 818 points and Tk1 lakh crore being wiped out in market capitalization. The BSEC held a meeting with brokerage firms and merchant banks, but no concrete solutions emerged to address the liquidity crisis and lack of good governance, which have driven investors away from the market. The commission has now imposed a 3% daily limit on stock price declines in an attempt to halt the bearish trend.
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