Photo : Collected
DSE Brokers Association of Bangladesh (DBA), the organization of stock and broker owners, has demanded the removal of the chairman and independent directors of the country's two capital markets, Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE). Saiful Islam, president of the organization, made this demand in a press conference on Monday (12 August). The former president and current directors of the organization were present.
In a six-page long speech, DBA President has made 30 demands to the Dr. Yunus-led interim government and the regulatory body Bangladesh Securities and Exchange Commission (BSEC) for stock market's sustainable and practical development.
It said that all corrupt officials should be removed from the regulatory body of BSEC immediately. An investigation committee should be constituted with experienced and honest people to uncover all the irregularities and corruption of the previous two commissions and if there is evidence of betrayal and corruption-irregularity of the responsibility assigned to the state against them in the investigation, they should be brought under the law for appropriate punishment.
The regulatory body BSEC must be restructured by appointing honest, strong-minded people who can prevent injustice under any pressure and experienced in the capital market and country's economy as chairman and commissioner. In this case, no appointment can be made on political grounds. For this, a similar 'search committee' should be formed like Bangladesh Bank and provision should be made for the appointment of BSEC chairman and commissioner and stock exchange chairman and director.
Various disciplinary measures have been taken against some honest and responsible officers following the incident in which Dr. Khairul and Shibli raised questions about the corruption-irregularities and reckless activities. All unjust disciplinary measures taken against them should be immediately withdrawn and they should be posted in appropriate departments according to their skills and qualifications.
The executive department should be separated from the commission by giving maximum powers to the commission consisting of chairman and commissioners of BSEC. Competent and honest officers should be appointed to important posts as per their experience in BSEC and Stock Exchange.
All the officers including executive officers and directors of the BSEC executive department should be assigned with responsibilities and separate powers. The officers of the executive department shall conduct all activities as per the rules and regulations of BSEC. The Chairman of the Commission or the Commissioner cannot interfere in the normal functioning of the Executive Department; Similarly, the boards of stock exchanges, CDBL and CCBL of the country should be restructured.
The past two commissions have enacted all the laws and rules that are against the interests of the capital market and investors, they should be repealed or amended and a practical law should be formulated. For this, all the existing laws and regulations should be reviewed and revised.
Capital market ups and downs are a normal phenomenon. It should be ensured that there is no direct intervention in the market by imposing floor prices or regulating circuit breakers even if there is a big fall in future prices.
On what basis the previous commission has given new trek licenses, whether there have been any irregularities or financial transactions, it should be investigated.
Appropriate amendments should be made to the IPO rules to bring transparency in the IPO, rights issue process. In this case, independent evaluation and decision-making system of stock exchange should be kept.
Even after the approval of the IPO, there should be a mechanism to cancel the IPO of the company if any type of violence recorded, and the stock exchange should be empowered to use its rational rights to select the company they want in the stock exchange and the one they want out.
The stock exchange should be empowered to independently investigate and inspect whether the listed companies are actually operating.
Messenger/Fameema
