Sustainable and practical development of stock market. The DSE Brokers Association of Bangladesh (DBA) has made 30 demands to the Yunus-led interim government and regulatory body Bangladesh Securities and Exchange Commission (BSEC). This claim was made in a press conference on Monday (August 12) afternoon.

The demands are-

1. Immediate removal of all corrupt officials from the regulatory body BSEC.

2. An inquiry committee consisting of experienced and honest persons should be constituted to uncover all the irregularities and corruption of the previous two commissions and if there is evidence of state responsibility and corruption-irregularities against them in the investigation an inquiry committee should be constituted. formed against them. shall be prosecuted for appropriate punishment.

3. Regulatory body BSEC needs to be restructured by appointing honest, strong minded people as chairman and commissioner who can prevent wrongdoing under any pressure and experienced in capital market and country’s economy. In this case, no appointment can be made for political reasons. For this, a ‘search committee’ similar to Bangladesh Bank should be formed and provisions should be made to appoint the Chairman and Commissioner of BSEC and the Chairman and Director of Stock Exchange.

4. Various disciplinary actions have been taken against some honest and responsible officials of BSEC for questioning the corruption-irregularities and reckless activities of Khairul and Shibli Commission and refusing to cooperate in wrongdoing or demotion. All unjust disciplinary measures taken against them should be immediately withdrawn and they should be posted in appropriate departments according to their skills and qualifications.

5. BSEC Commission; That is, the commission consisting of the chairman and commissioners should be separated from the executive department with the highest powers.

6. Appointing qualified and honest officials in important positions as per experience of BSEC and Stock Exchange.

7. All officers including the Executive Officer and Director of the BSEC Executive Division shall be vested with separate powers. The officers of the executive department will conduct all activities as per the rules and regulations of BSEC. The Chairman of the Commission or the Commissioners cannot interfere in the normal functioning of the Executive.

8. Similarly, the boards of stock exchanges, CDBL and CCBL of the country should be reconstituted.

9. The laws and regulations made by the previous two commissions which are against the interest of the stock market and investors, should be repealed or amended and a substantive law should be enacted. For this, all existing laws and regulations must be reviewed and amended.

10. For the development of the capital market, an effective and active advisory council should be formed consisting of eminent economists, chartered accountants, cost and management accountants, academicians, responsible and competent officials of Bangladesh Bank, NBR, all regulatory bodies. Government and journalists and other relevant professionals. The Advisory Council will meet every month to monitor the overall activities of the Commission and give appropriate advice. The Council shall provide regular advice to the regulatory body in times of crisis or market development.

11. Stock market ups and downs are a normal phenomenon. ensure that no direct intervention in the market by imposing floor prices or regulating circuit breakers is possible even in the event of large price falls in the future.

12. On what basis the new trek licenses granted by the previous Commission should be investigated, whether there were any irregularities and financial transactions.

13. Investigate to trace those who have laundered the country’s money, embezzled and smuggled valuable foreign exchange in the name of foreign investment roadshow.

14. In the case of appointment of independent directors in listed companies, an independent director panel shall be formed specifying who are capable of serving as independent directors in any type of company including experts in economics, business, financial accounts, law; which will be updated regularly. Listed companies are required to elect independent directors on the basis of dual selection of suitable persons from this panel. Instructions should be issued for this.

15. Appropriate amendments should be made in IPO rules to bring transparency in IPO, rights issue process. In this regard, the independent and independent evaluation and decision-making system of the stock exchange should be maintained.

16. If any deviation is found after the approval of the IPO, there should be a mechanism to cancel the IPO of the company and the stock exchange should be empowered to enforce the reasonable right of the company to be listed on the stock exchange.

17. Stock exchanges should be empowered to conduct independentinvestigations and inspections.

18. Stock exchanges should be empowered to suspend trading or delist listed companies in case of serious violations of listing laws. According to the listing regulations, absolute power to take action in respect of listed companies should be vested in the stock exchange.

19. Closed companies should be listed immediately or alternative suitable measures should be taken. Shares of closed companies cannot be traded in the stock market.

20. Stock exchanges shall conduct independent surveillance to detect share manipulation in the secondary stock market. In this case, if evidence of manipulation is found, BSEC should cooperate in maintaining market order by taking into consideration the recommendations of the stock exchange and taking action against those responsible as soon as possible.

21. If there is evidence of manipulation, a criminal case should be instituted considering the extent of the manipulation, the liability of the person or organization, rather than nominal or only financial penalties.

22. In addition to the existing surveillance system to detect share manipulation, the market monitoring and intelligence department should be strengthened with appropriate and adequate personnel.

23. The last two commissions have destroyed the mutual fund sector by handing it over to unscrupulous and unscrupulous individuals. The destroyers of the sector should be investigated to ensure appropriate punishment and initiatives should be taken to hand over management of funds to genuine professional fund managers to restore investor confidence.

24. Journalists should not be hindered in gathering information. In no case shall there be any impediment to their commission or admission to the Stock Exchange.

25. If any report containing specific allegations against any person or institution is published or circulated in the media, the matter should be investigated and action taken. file a public statement in this regard with the BSEC or DSE and mention the action taken against the person or institution responsible if the report is true.

26. In the interest of accountability, BSEC and stock exchanges should organize public hearings every month to ensure public participation.

27. Reduce unfair fees imposed on all market intermediaries, including brokers.

28. After coming of this commission various charges, fees of each broker member increased manifold without any prior discussion. But this time the income of brokers did not increase. On the contrary, many offices and branch offices have been closed in the last four years due to capital losses. We observed that the Act narrowed the income stream of brokers by taking less interest from small sources of income such as CCAs. These unfair fees and measures must be withdrawn.

29. A statutory power called 2CC is given to act in the interests of investors. Regrettably, the past two commissions have misused the 2CC to facilitate vested interests and market manipulation. We demand immediate accountability for implementation of 2CC.

30. We demand immediate structural changes in margin rules taking into account overall and investment risk management.