BSEC to audit its income, spending for the last two fiscal years

The Bangladesh Securities and Exchange Commission (BSEC) has announced plans to audit its income and expenditures over the past two fiscal years, aiming to identify any irregularities or potential misconduct during the period.

The stock market regulator has issued a tender notice to appoint a chartered accounting firm to audit the commission's financial transactions, including revenue collection and budget allocations, to assess compliance with applicable rules and regulations for the fiscal years 2022-23 and 2023-24.

Following the ouster of the Awami League government after the student-led mass uprising in July, BSEC Chairman Shibli Rubayat Ul Islam, who was accused of mismanaging the capital market, resigned from his position. 

Later, the interim government appointed Khodoker Rashed Maqsood as the new chairman to lead the commission.

A senior BSEC official stated that under Rashed's leadership, the commission has decided to audit the regulator's accounts to promote transparency and accountability.

According to a BSEC source, the commission published its audited financial report for FY23 but has yet to release the report for FY24.

As per the FY23 annual report, the BSEC had a total fund of Tk409 crore. Its earnings for FY23 amounted to Tk78.47 crore, reflecting a 13% decline compared to the previous year. 

The commission spent Tk53.66 crore on employee salaries and administrative expenses. 

After covering all costs and taxes, its net income stood at Tk17.36 crore in FY23, a significant drop from Tk39.44 crore in FY22.