If the benchmark index of a stock exchange loses 351 points in a year, its impacts on that bourse depend on its current level and typical volatility. For the Dhaka Stock Exchange (DSE), this margin is severe because of its current level staying below 5,000 mark. A 351-point drop in the DSE market index in 2025 proves grievous, although in large stock markets with annual average points well above 40,000 marks, it is quite negligible. The DSE has earned enough infamy by two market crashes engineered by manipulative coteries with connection to high-ups in government. Investors shy away from investment in the market because of the past crashes and the moribund market environment. In 1996, the first major market crash was driven by speculative bubbles, a lack of investor awareness, price manipulation and poor regulatory oversight. The second crash that happened in 2010-11is often known as a 'scam' originating from excessive liquidity, overvalued assets, poor regulatory supervision and use of mechanism such as omnibus accounts for manipulation. 

Such negative developments drove not only small investors but also big ones away from investment, let alone fresh investment by reputed companies. So at the last leg of its rule, the interim government has made a desperate bid to resurrect both the stock markets of the country---the DSE and CSE (Chittagong Stock Exchange). With that end in view, the finance adviser has arranged a meeting with the top executives of the profit-making State-owned Enterprises (SoEs) and multinational companies (MNCs). The meeting held yesterday, hopefully would yield positive results. The idea is that the reform made to avoid further crashes of the bourses will be able to persuade both SoEs and MNCs to offload their shares in the stock markets. This is undoubtedly a positive move but is the regulatory body, Bangladesh Securities and Exchange Commission (BSEC) armed with enough power to protect the interests of investors in the stock market? The next concern is to guarantee the accountability of the BSEC. 

Admittedly, a robust stock market is a barometer of a country's economic health. At a time when the interim government's tenure is about to end, this parley with the top bosses may still fail to win over the company bosses. If the bourses get streamlined, reputed companies will feel prompted to participate in the stock markets. The need is to create a favourable environment for reputed and profit-making companies still not listed with the bourses to join the fray. Even if the government starts the process by making its shares in the MNCs available for the public, it will not make much of a difference in reviving the stock market's fortunes. 

Now that the election is knocking at the door, the business community is unlikely to commit themselves to any radical change in their postures so far as releasing their shares is concerned. But the views exchanged at the meeting may be useful when they sit with the elected government. Both internal and external developments will decide the fate of the stock markets now desperately looking for good stocks and restoring credibility. The move by the interim government may not complete the process of inclusion of SoEs and MNCs in the stock markets but the new government can take over from where it is left now.