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BSEC chairman: Blames are heaped on regulator only

  • Published at 10:41 pm February 26th, 2020
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Bangladesh Securities and Exchange Commission (BSEC) building in Agargaon Dhaka Syed Zakir Hossain/Dhaka Tribune

Bangladesh Academy for Securities Markets (BASM) organized the seminar at BSEC auditorium in capital

The stock regulator is always blamed for instability in secondary market and other anomalies although the auditors and high officials of listed companies are assigned and responsible for proper financial statement.

Bangladesh Securities and Exchange Commission Chairman M Khairul Hossain came up with the observation on Wednesday at a seminar titled "Financial Statements Analysis and Detection of Fraud”.

Bangladesh Academy for Securities Markets (BASM) organized the seminar at BSEC auditorium in capital.

The BSEC chairman said: “This is the area where we are helpless. The role of auditors, independent directors, chief financial officer, managing director is clearly defined but the investors always blame the commission when the company performs badly in secondary market. Our market is disclosure-based." 

“We (BSEC) have no investment here as we are the regulator. Our duty is to bring under justice anyone who spreads rumor or cheat others,” he also said. 

"Describing transparent and accountable financial accounting are prerequisite for the development of stock market. We will bring all auditors concerned under accountability in a short time," he assured. 

Mohammad Rezaul Karim, director of BSEC, read out the keynote paper on the occasion. 

Director General of BASM Md Mahbubul Alam, BSEC ED Farhad Ahmed, its Director Kamrul Anam Khan, ED of Financial Reporting Council Mohammad Mohiuddin Ahmed, Managing Director and CEO of Central Depository Bangladesh Limited Shuvra Kanti Choudhury, Capital Market Journalists’ Forum (CMJF) President Hassan Imam Rubel, and Dhaka University Assistant Professor Mohammad Salauddin Chowdhury were, among others, present.