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SEC to celebrate silver jubilee tomorrow

  • Published at 10:16 pm September 10th, 2018
Bangladesh Securities and Exchange Commission (BSEC) building in Agargaon Dhaka Syed Zakir Hossain/Dhaka Tribune

The Commission now consists of a Chairman and four regular Commissioners

The Bangladesh Securities and Exchange Commission (BSEC) will celebrate its silver jubilee tomorrow at a function in Dhaka to be inaugurated by Prime Minister Sheikh Hasina.

The country’s capital market regulator was established on June 8, 1993 through the enactment of the Securities and Exchange Commission Act. 

BSEC Executive Director Farhad Ahmed said that 25 years after its inception, the commission now stands on a solid foundation.

“The regulator ensured enforcement of securities regulations and established good governance along with transparency and accountability in the capital market”, Farhad said.

BSEC Executive Director M Saifur Rahman told a press conference at BSEC office in the city yesterday that PM Hasina will inaugurate the silver jubilee function today at the Bangabandhu International Conference Centre (BICC). 

The inaugural program will be presided over by BSEC Chairman M Khairul Hossain, with other attendees set to include Finance Minister AMA Muhith and senior government officials.

Besides the function, BSEC has chalked out a seven-day program of cultural events, discussions, reunions and seminars to celebrate the milestone. 

Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) will also arrange different programs in Dhaka and Chittagong to mark the historic day.

Initially named the Securities and Exchange Commission (SEC), the regulator was renamed the Bangladesh Securities and Exchange Commission through an amendment on December 10, 2012.

The Commission now consists of a Chairman and four regular Commissioners.

Asked at yesterday’s press conference about the role of the Commission in combating the ongoing manipulation in the capital market, Farhad said the practice largely takes place in the shares of small cap companies.

“As long as the market capitalization of the market remains small, it will be difficult to combat the manipulation,” he said.

However, Farhad said that even with its limited manpower, the commission had been doing a good job to improve fairness and establish transparency in the market through reforms and actions.

“The regulator cracks down on irregularities and resolutely deals with any violations by listed companies pertaining to any malpractices, when required,” he said.

“The SEC also regularly instructs listed companies to improve their corporate governance to create an open and transparent market environment, to benefit and protect the legitimate rights and interests of investors.”