A prolonged period of volatility and a severe crisis of investor confidence have led thousands of investors to exit Bangladesh’s stock market, with a growing number of beneficiary owner (BO) accounts turning empty.
According to the latest data from Central Depository Bangladesh Limited (CDBL), a total of 66,514 BO accounts became completely shareless in 2025. Market participants attribute this trend to falling indices, declining market capitalization, and broader economic uncertainty, prompting investors to liquidate their equity holdings and withdraw from the market.
Statistics from CDBL show that the total number of BO accounts has decreased by 42,789 compared to December 2024, bringing the current total down to 1.639 million. Among these, male investor accounts declined by 27,884, while female accounts dropped by 15,024. Non-resident Bangladeshi (NRB) accounts also fell by 3,144.
Market insiders note that the decline is not confined to any particular group but reflects widespread distrust across all categories of investors.
A particularly alarming trend is the rising number of zero-balance accounts. Of the currently active 1.639 million accounts, around 367,000 hold no shares at all. This indicates that many investors are maintaining accounts in name only, without any actual market participation. Brokerage officials estimate that the number of truly active investors who engage in regular trading is no more than 400,000 to 500,000.
Analysts point to several factors behind the downturn, including a lack of quality initial public offerings (IPOs), the impact of bank mergers reducing investment flows, and overall market instability. In 2025, the benchmark DSEX index of the Dhaka Stock Exchange fell by 333 points, while market capitalization dropped from Tk 731,000 crore to Tk 676,000 crore.
A managing director of a brokerage firm said, “Investors put their money where returns are attractive and risks are manageable. The current stock market has failed to provide that sense of security. Despite expectations of major reforms following changes in government, the market has shown the opposite trend.”
Although the Bangladesh Securities and Exchange Commission (BSEC) has introduced measures such as finalizing policies on mutual funds and margin loans, and reducing BO account maintenance fees, these steps have yet to restore investor confidence.
Analysts warn that unless the supply of quality stocks increases and transparency is ensured, it will be difficult to revive the stock market’s appeal as a viable investment avenue for ordinary citizens.
