Due to continuous irregularities and looting, the country’s stock market was stuck in the circle of decline for more than two and a half years. As a result, investors lack confidence in the stock market.
Officials of the organization have demanded reform of the regulatory body Bangladesh Securities and Exchange Commission (BSEC) to make the country’s stock market transparent, dynamic, and a reliable source of funding for industrialization. At the same time, the investors of Share market have raised the demand to take legal action by conducting an impartial investigation into the unlimited corruption and irregularities of the party’s chairman and members.
Last Tuesday, in a gathering of investors organized by the Capital Market Unity Council, the investors demanded an impartial investigation and justice against the stock market looters.
Investors said that those who built mountains of wealth and crippled the stock market by arbitrarily plundering the stock market during the tenure of the Sheikh Hasina government should be brought to justice in the larger interest of the country.
Meanwhile, a meeting of the BSEC Officers Welfare Association was held last Tuesday. It was presided over by the president of the association and the executive director of BSEC. Saifur Rahman.
In the meeting, the BSEC officials decided not to make any recommendations or do any kind of work outside the ordinances, laws, and regulations of the stock market. Besides, the officials of BSEC were very active on these issues on Wednesday as well. At this time several demands were raised on their behalf.
The demands include stopping the appointment of the BSEC chairman and commissioners for political considerations. In this case, the commission should be appointed from among experienced senior or retired officers of the commission as chairman and commissioner.
The stock market should be made free of corruption by establishing the rule of law in the stock market. To develop the stock market, according to section 17 of the law, delegation of power should be done to the officials. Officers and employees should be promoted quickly. Medical facilities for officers and employees should be restored.
The officials of BSEC said that due to the appointment of political considerations to the posts of chairman and commissioner of the commission, they try to protect the interests of the interested parties without playing a role in the development of the stock market. Moreover, they cannot play a role in the development of the market due to their lack of experience in the stock market.
It was alleged in the meeting that at one time the commission used to make many decisions in consultation with the senior officers and executive directors of the commission. But for several years, the commission has been taking all decisions unilaterally. But the responsibility for these decisions is also falling on them.
In the changing situation of the country, the officials of BSEC do not want to take responsibility for the activities of the chairman and commissioners appointed for political considerations. For this reason, they demanded to give preference to internal officers and former officers in the appointment of top officials of the organization. Moreover, they also said that the activities of the commission are being disrupted due to the absence of two commissioners including the chairman of BSEC.
According to BSEC sources, BSEC chairman Professor Shibli Rubaiyat-ul-Islam is not coming to the office after the fall of Sheikh Hasina’s government, Commissioner Dr. Sheikh Shamsuddin Ahmed and Md. Mohsin Chowdhury. BSEC Chairman and Commissioner Shamsuddin went to Canada on an official visit last month. In the meantime, the BSEC chairman returned to the country but he did not come to the office for the last two days. Commissioner Shamsuddin Ahmed has also returned to the country. But not coming to office. Another commissioner. Although Mohsin Chowdhury is in the country, he has not come to the office for two days.
Source: BSEC.
