National Board of Revenue (NBR) chairman Md Mosharraf Hossain Bhuiyan said on Tuesday the capital and bond markets have still to attract 'educated investors'.
There are speculators who remain mostly active staking and betting on the markets, he added.
"Educated investors couldn't be attracted to stock and bond markets, rather speculators are more active and they want to become rich within a short period."
Price indices at the bourses often fall even after making simple comments on the market, Mr Bhuiyan said.
He said this at a pre-budget discussion with the Foreign Investors' Chamber of Commerce and Industry (FICCI) held at the NBR's Segunbagicha headquarters.
Mr Bhuiyan urged the multi-national companies (MNCs) to invest in the domestic share market.
In reply, FICCI member Mahtab Uddin Ahmed said the MNCs' compliance cost to go to the stock market is very high.
"The MNCs aren't coming to the stock market as it hasn't reached a stable position," said Mr Ahmed, also managing director and CEO of Robi Axiata Ltd.
FICCI president Shehzad Munim placed the chamber's budget proposals for fiscal year 2019-2020 at the programme presided over by the NBR chief.
The chamber placed a set of proposals, including a reduction in corporate tax rates in phases, raising tax-free income limit and clarifying complexities in the new VAT act.
FICCI members also proposed to cut customs duty and supplementary duty (SD) on raw materials and introduce uniform duty rates for capital machinery and spare parts for local manufacturers.
Terming corporate tax rates very high and uncompetitive for MNCs, Mr Munim said the rates could be reduced in phases by framing a plan of five years.
https://thefinancialexpress.com.bd/stock/stock-bond-mkts-cant-woo-educated-investors-1554871381
