Bangladesh Securities and Exchange Commission鈥檚 newly appointed chairman Khondoker Rashed Maqsood on Sunday said that the commission would assess corruptions and irregularities within the commission and on the market and would take disciplinary action against the people who were involved in wrongdoings.
He made the comment at a press conference at the BSEC building at Agargaon in the capital Dhaka.聽
There were allegations that a number of BSEC officials were involved in various irregularities, including market manipulation.
Maqsood said that the commission would examine these allegations phase by phase, and the individuals who would be found guilty would face punishment.
He emphasised restoring investors鈥� confidence in the market by taking action against manipulators, and said that it would require a thorough examination of past practices and the implementation of necessary reforms to prevent irregularities in the future.
鈥榃e have gone backwards in the past 14 years of irregularities; it will take time to overcome this situation. But if we stick to our works, we hope that we will be able to bring back the trust in the market,鈥� the BSEC chairman said.
He said, 鈥榃e need to create a system so that the manipulators can鈥檛 bring the market back to the way it was before.鈥�
He said that the first priority for the regulatory commission was bringing back good governance and transparency which the commission lacked for more than one decade.
The BSEC chairman said, 鈥榃e will put emphasis on core and non-core areas. Our main focus is on bringing back transparency. There should be no manipulation on the market.鈥�
鈥楢nother priority is to establish good governance. Transparency of board representatives should be ensured. We will strengthen internal audit, and put emphasis on the governance of intermediates institutions,鈥� he added.
Maqsood also mentioned that they were thinking about better corporate governance in market intermediary companies.
鈥業ndependent directors can be appointed to brokerage houses, merchant banks and other institutions,鈥� he said.
The chairman said that they also had a task to develop the market by bringing good performing companies to it.
Responding to a question whether the BSEC would take action against all officials and their aids involved in the market manipulation and irregularities, BSEC commissioner ATM Tariquzzaman said that law was equal for all, and they were committed to implementing it.
BSEC commissioner Md Mohsin Chowdhury, among others, was also present in the meeting.
Khondoker Rashed Maqsood was appointed as chairman of the Bangladesh Securities and Exchange Commission for a four-year term on August 18.
Shibli Rubayat-Ul Islam, the previous chairman of the stock market regulatory commission, resigned on August 11, following the resignation of Sheikh Hasina as prime minister and her fleeing from the country on August 5.