BSEC moves to unify all securities rules to restore discipline: Chairman
The current commission has been committed from the outset to preventing all forms of fraud in the market, he says
Bangladesh Securities and Exchange Commission (BSEC) Chairman Khondoker Rashed Maqsood has said the commission is working to bring all securities-related rules under one framework to restore discipline and curb malpractice in the capital market.
Speaking at an event yesterday (6 October) marking 'World Investor Week', the BSEC chief said the current commission has been committed from the outset to preventing all forms of fraud in the market.
"The commission is already working to consolidate the Bangladesh Securities and Exchange Commission Act, 1993, and the Securities and Exchange Ordinance, 1969. Efforts are also underway to compile all securities-related rules in one place," Maqsood said.
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Soon after assuming office, he said, the current commission formed an Inquiry and Investigation Committee to look into past irregularities and scams in the market. "Of the 12 reports submitted by the committee, the commission has already taken punitive actions against those involved in seven cases."
The BSEC chairman, however, pointed out that in several cases, enforcement actions have been delayed due to ongoing court proceedings and legal complications.
"For instance, in cases like Best Holdings and Quest BDC, the implementation of enforcement actions has been hindered by ongoing writ petitions and court injunctions," he added, seeking support from the government and judiciary to expedite the process.
The BSEC chief said that steps are being taken to strengthen the roles and responsibilities of trustees, custodians, and asset managers to develop the mutual fund sector.
At the same time, he said, the commission is working to ensure the accountability of independent directors in listed companies to promote good governance and transparency.
To prevent fund misappropriation through fraud, Maqsood said all brokerage firms have been brought under a tamper-proof integrated back-office software system.
"Many people and investors have deep interest in the capital market. If we can make this market free from fraud and ensure investor protection, its potential will be far-reaching," the BSEC chairman said.
