Stock market plunge: Investors take to the streets in shrouds
The rally was held today (8 May) in Motijheel, Dhaka, after the day’s trading session under the banner of the Bangladesh Capital Market Investor Association
In a dramatic show of protest against the continued price slump in the country's stock market, frustrated investors overwhelmed by mounting losses took part in a unique demonstration — a "shroud rally."
The rally was held today (8 May) in Motijheel, Dhaka, after the day's trading session under the banner of the Bangladesh Capital Market Investor Association. Ordinary investors lay down on the street, wrapped in white burial shrouds.
According to them, the stock market is now on the brink of collapse, and they squarely blame BSEC Chairman Khondoker Rashed Maqsood.
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Angry investors said, "The current BSEC chairman is ignorant, incompetent, and unfit for overseeing the stock market. His poor decisions and mismanagement have led to this disastrous situation." They firmly demanded his immediate removal.
Investors also stressed that their representation must be ensured in the upcoming stock market meeting scheduled for 11 May, to be chaired by the chief adviser. "No decision will be effective without our participation," they stated.
"Our longstanding demands have been ignored. If they are not met this time, we will launch even more intense protest programmes," they warned.
Earlier yesterday, the Bangladesh Capital Market Investors Unity Council held a human chain and protest in front of the Dhaka Stock Exchange (DSE) building with similar demands.
Speakers noted that under the current commission, the DSE index has dropped by more than 1,100 points, and daily trading volume has shrunk to Tk300–400 crore.
In the past eight months, over Tk67,000 crore in market capitalisation has been wiped out, leaving many investors financially devastated.
They alleged that since assuming office, Khondoker Rashed Maqsood has made a series of misguided decisions, lacking any real experience or competence in the capital market.
The protesters demanded the immediate removal of the BSEC chairman, action against controversial IPO issuers from the past 15 years, effective steps to stabilise the market, and active investor participation in future policymaking.
