A number of reform measures have been initiated to ensure a level playing field, the chief adviser said, adding, "And such activities will be intensified in the future for ensuring a stable socio-economic structure as well as for holding a free and fair election."

The chief adviser was speaking at the foundation stone laying ceremony of the Dhaka Stock Exchange (DSE) Tower at Nikunja in the capital yesterday.

He said there is no alternative to stringent measures against corruption and unethical practices to establish good governance and righteousness in every sphere of the society.

"With this aim in view we have already initiated discussion with the business community. Our request to them is that by maintaining the highest standard of good maintenance and business ethics they should operate by exercising restraint and striving for rectification," the chief adviser said.

The chief adviser appreciated the DSE's initiative to move to a bigger and better place.

He, however, said the contribution of the capital market to GDP is far less than in the neighbouring countries.

Terming the leading corporate organisations' too much dependency on the banking sector as the main reason for less market capitalisation-GDP ratio, the chief adviser said this also hurts the other sectors. "So, to generate funds, the capital market will have to play a bigger role."

"To attain growth in the capital market, transparency, accountability and skill need to be maintained at the highest level. Manipulation will have to be removed. The operators and regulators will also have to earn investors' confidence," he said.

The chief adviser said the DSE being a self-regulated organisation should provide the first line of defence to the investors by protecting their interests through enforcement of listing and other regulations.

Institutions related to the capital market will have to build up themselves as dependable investment place so that investors from both home and abroad are attracted to put their money in this market, he said adding that the stock market will have to play an efficient role as an alternative fund provider to the private entrepreneurs and investors.

"You have to remain aware about the importance of the stock exchange's role in socio-economic development and I hope you will ensure that any kind of irregularities and inefficiencies do not touch you," he told the DSE management.

Indiscipline and uncertainty had slowed down the growth of capital market in the past, the chief adviser said. "Like in other sectors, corruption, lack of transparency and inefficiency made negative impact on the market too," he added.

Lauding the DSE's introduction of the state-of-the-art automation system, he expressed hope that with more facilities and increasing transparency and accountability, the stock exchange will be able to fulfil the investors' demands.

Emphasising transparent dissemination of information regarding floating of shares or listing of companies on the stock exchange, Finance Adviser Dr Mirza Azizul Islam said otherwise the general investors may suffer loss due to lack of proper information.

There is also a need to enhance the capacity of the market concerned for analysing the information, he observed.

Speaking at the function, Securities and Exchange Commission Chairman Faruq Admad Siddiqi said the market capitalisation is 9.15 per cent of the GDP and there is huge scope for growth.

Big local and multinational companies especially telecommunications companies are yet to come to the capital market, he said, adding, "I believe that next few years will witness spectacular growth of capital market in the country."

DSE Chief Executive Officer Salahuddin Ahmed Khan made a multimedia presentation on Securities Market in Bangladesh.

DSE President Abdullah Bokhari and Senior Vice-president Ahmad Rashid Lali also spoke at the function.

Later, the chief adviser unveiled the plaque of the foundation stone.