The Bangladesh Securities and Exchange Commission on Monday said that it would find out rule loopholes through which manipulation and fraudulence on the country鈥檚 capital market were occurred in recent years and would close the flaws.
At a press briefing held at the BSEC office in the capital Dhaka on the day, BSEC chairman Khondoker Rashed Maqsood said that the stock market regulatory body wanted a legally executable report from the investigation committee which was formed on Sunday to investigate a number of issues.
Rashed Maqsood said that they did not want just a status report.
鈥榃e cannot accomplish anything with a status report, we are seeking a legally executable report from the committee, so we can take actions accordingly,鈥� he said.
The BSEC on Sunday started an investigation into allegations of irregularities in the capital market and formed the five-member probe committee headed by Zia U Ahmed, founding chairman and consultant of US-based Terra Resources International聽Investment and Marketing Services.
The members of the investigation committee were also present in Monday鈥檚 press briefing.
Zia said that they would look into every aspects of the problems they find.
鈥榃e will look into the whys and hows, so we can properly move forward with a reform structure,鈥� he said.
Member of the investigation committee Yawer Sayeed said that the stock market had not even moved 25 steps forward in 25 years after the first mutual fund was inaugurated on August 29, 1999.
鈥業n some cases, the stock market did the opposite and stands at a negative position now,鈥� he said.
Yawer said that the main thing was to find the ways to prosecute persons involved in manipulations and fraudulences on the share market and find out loopholes in rules and fix them.
Mentioning the investigation report by the Khandker Ibrahim Khaled committee, he said that no action was taken based on the report.
The stakeholders did not take any lesson from the previous crashes to better the market, he said.
After the stock market crash between December 2010 and January 2011, the recently ousted Awami League government had instituted a high-powered committee, led by former Bangladesh Bank deputy governor Khandker Ibrahim Khaled, to investigate the scam.
The then government, however, shelved the report of Ibrahim Khaled committee that recommended reform of the BSEC, further investigation into suspected market manipulators and amendments to securities act and rules.
The BSEC chairman said that the investigation report would be made public, however, they would look for a suitable time to publish it.
Newly appointed BSEC commissioner Ali Akbar, among others, was present on the occasion.
