The Dhaka Stock Exchange (DSE) and other stakeholders have pledged full cooperation with the Bangladesh Securities and Exchange Commission (BSEC) to restore investors’ confidence in the stock market.
DSE Chairman Mominul Islam made the remarks following a stakeholders’ meeting with the BSEC on Sunday at its headquarters in Dhaka.
The meeting was convened to discuss the current unrest surrounding the regulatory body.
“We fully support the ongoing BSEC investigation into irregularities and are committed to working together to rebuild investor trust,” Mominul said.
“At the same time, we strongly condemn the unacceptable incident where the BSEC chairman and commissioners were surrounded in protest.”
He urged investors not to panic over the incident and assured them that the situation would be resolved soon.
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“Whatever has happened, investors should not be disheartened. The issue will be addressed in due course,” he added.
Mominul also said the regulatory body must be allowed to function without intimidation. “We told the BSEC Chairman that he should exercise authority firmly. Investigation activities must not be disrupted by coercion. We stand together to address this matter,” he said.
He said anyone facing regulatory action has the legal right to appeal or approach the courts, rather than resorting to extreme measures. “Such actions only harm the capital market. We have urged the commission to take strong measures against those attempting to destabilise it,” he added.
The DSE Chairman also called for strict action against those who have harmed the capital market in the past and continue to engage in unethical practices.
The meeting, held from 11 am to 1 pm, was chaired by BSEC Chairman Khondoker Rashed Maqsood and attended by representatives from the DSE, Chittagong Stock Exchange (CSE), DSE Brokers Association of Bangladesh (DBA), Bangladesh Merchant Bankers Association (BMBA), top brokerage houses, Central Depository Bangladesh Limited (CDBL), and Central Counterparty Bangladesh Limited (CCBL).
BSEC Commissioners Md. Mohsin Chowdhury, Md. Ali Akbar, and Farzana Lalarukh were also present.
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The recent turmoil at the BSEC stemmed from the commission’s decision on March 4 to send Executive Director Saifur Rahman on compulsory retirement.
Following the decision, demands for the resignation of all BSEC commissioners, including the chairman, intensified, with some officials and employees going on strike in protest.