The Bangladesh Securities and Exchange Commission (BSEC) has decided to audit its income and expenditure for the last two fiscal years, with the aim of increasing transparency and accountability in audit reports.

According to the commission sources, the BSEC will audit the financial transactions of the fiscal years 2022-23 and 2023-24, which include revenue collection and budget allocation, in accordance with applicable rules and regulations. The stock market regulator has already issued a tender notice to appoint a chartered accounting firm to conduct the audit.

After the Awami League government was ousted in July in the face of a student-led popular uprising, BSEC chairman Shibli Rubayat ul Islam stepped down after being accused of mismanaging the stock market.

The interim government later appointed Khandaker Rashid Maqsood as the new chairman to lead the commission.

A senior BSEC official said that under Khandaker Rashed Maqsood’s leadership, a decision has been taken to audit the regulatory body’s accounts every two years to enhance the transparency and accountability of the commission.

According to a BSEC source, the commission has published its audited financial report for the financial year 2023 but is yet to publish the report for the financial year 2024.

According to the annual report for fiscal year 23, BSEC’s total funds were Tk 4.09 billion. Its income for fiscal year 23 was Tk 78.47 crore, which is 13 percent less than the previous year.

The commission spent Tk 536.6 million on employee salaries and administrative expenses.

After paying all expenses and taxes, its net income in FY23 stood at Tk 17.36 crore, down from Tk 39.44 crore in FY22.