Shibli Rubayat-Ul Islam. Photo: Collected
“I have seen and learned in the last four years. Those who play games with the capital market have been identified, and they will not be given another opportunity,” warned Professor Shibli Rubayat-Ul Islam, the newly reappointed Chairman of the Bangladesh Securities and Exchange Commission (BSEC).
After completing his first four-year term, the professor of the Banking and Insurance Department of the University of Dhaka, Shibli Rubayat-Ul Islam, was reappointed for another four years on Sunday.
In an interview with The Daily Messenger following his reappointment, he said, “I have seen and learned over the past four years. Two of those years were spent battling the coronavirus pandemic, after which various measures were taken to address issues like the Ukraine-Russia war.”
“In the last two years, I have witnessed a lot. Many missing components in the interest of the capital market have been fulfilled. Now the capital market will run at its own pace. In addition to ensuring governance in the market, strict action will be taken against those who play games in the market. They will not be spared,” he added.
Sending a clear message, Shibli Rubayat-Ul Islam said, “A section of market participants plays games with the country's capital market. They raise and lower the market at their whim. As a result, general investors suffer losses. During the past four years of my tenure, I have identified those who play with the market. The Commission's Enforcement Department is working on this issue, and action will be taken against them."
He continued, “Not only that, but the capital market will function like a market. Those who try to capitalise on the emotions of general investors by playing with the market will not be spared either.”
He further added, “The government has entrusted me with this responsibility for a second term. This is my final term. There is no question of renewal now. Therefore, my main focus will be on building a healthy and beautiful capital market.”
“We have introduced trading in bonds and government treasury bills and bonds in the secondary market. We are launching a commodity exchange. In addition to launching Real Estate Investment Trusts (REITs), we have taken initiatives to introduce various components that were previously lacking in the capital market. Several laws have been enacted to develop the market. In short, various steps have been taken to move the market forward.”
Regarding establishing governance in listed companies, he said, “If there is no governance in a company, investors are deceived. Independent directors have already been appointed to ensure governance in these companies. In some cases, where the owners were unable to manage the companies, the boards have been restructured with independent directors. Production in those companies has resumed. The commission is working to protect the interests of investors. More initiatives will be taken to build confidence.”
It is noteworthy that almost 15 days before the end of his previous term, the Financial Institutions Division of the Ministry of Finance issued a notification yesterday reappointing Shibli Rubayat-Ul Islam as the Chairman. The notification states that he will serve for another four years from May 17 or the date of joining, according to Section 5(6) of the Bangladesh Securities and Exchange Commission Act, 1993.
Although Shibli Rubayat-Ul Islam has been reappointed as the Chairman, no notification has been issued regarding the commissioners. Shibli Rubayat-Ul Islam was first appointed as the Chairman of BSEC on May 16, 2020. Prior to that, he served as the Chairman of the Sadharan Bima Corporation.
Messenger/Disha
