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DSE strategic partnership: TIB concerned about alleged irregularities

  • Published at 07:00 pm February 16th, 2018
  • Last updated at 12:58 am February 17th, 2018
DSE strategic partnership: TIB concerned about alleged irregularities
Transparency International Bangladesh (TIB) has criticized the alleged attempts of the Bangladesh Securities and Exchange Commission (BSEC) to illegally interfere and influence the foreign strategic partner selection process for the Dhaka Stock Exchange (DSE). In a press statement released on Friday, TIB claimed that a certain Indian firm is also interfering with the aforementioned process. The organization urged the BSEC to refrain from interfering in the matter, and select the organization that came out on top in the strategic partner selection process. The TIB also called upon the authorities concerned to blacklist the organization that is trying to influence the selection process, and to ensure that BSEC officials involved with the illegal interference be held accountable for their actions. In a statement, TIB Executive Director Dr Iftekharuzzaman said: “The aim of the foreign strategic partnership plan is to further develop the stock market through an organization that possesses modern equipment and necessary technical skills. “BSEC’s illegal attempt to influence the partner selection process is both unexpected and distressing. The commission should not act against the interests of the DSE, and must not collaborate or be influenced by another entity.” Dr Zaman further said: “The initiative for stock exchange demutualization was recommended by the probe body, following the share market crash of 2010. “Only a qualified and reputed foreign organization, that bid the highest, should be chosen as a strategic partner, and shares should be sold to the firm as per regulations.” The TIB statement also read that it would be a clear violation of the law if the highest bidder is not chosen as the strategic partner, which would surely raise questions in both the foreign and the domestic sectors. According to the TIB, the current debacle over selecting a strategic partner has also raised uncertainty and unrest among DSE investors and shareholders. The anti-graft organization called upon the government of Bangladesh to ensure that the DSE be run in accordance with existing rules and regulations. The TIB also urged the authorities concerned to investigate whether a certain quarter was trying to repeat history by crashing the share market again through the illegal interference and market manipulation.