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Bangladesh Securities and Exchange Commission

From Wikipedia, the free encyclopedia

Bangladesh Securities and Exchange Commission
Agency overview
Formed8 June 1993; 31 years ago (1993-06-08)
JurisdictionBangladesh
HeadquartersDhaka, Bangladesh
Agency executive
Websitewww.sec.gov.bd
Footnotes
[1]

The Bangladesh Securities and Exchange Commission (BSEC) is the regulator of the capital market of Bangladesh, comprising Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE).[2] The commission is a statutory body and attached to the Ministry of Finance.[3]

History

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BSEC was established on 8 June 1993 under the Securities and Exchange Commission Act, 1993.[4] Sultan-uz Zaman Khan, a career bureaucrat, was the first commissioner of the commission.[5] Before the commission, the market were regulated under the Capital Issues Act 1947.[6] The chairman and members of the commission are appointed by the government and have overall responsibility to administer securities legislation.[4] The commission, at present, has four full-time members, excluding the chairman. The commission is a statutory body and attached to the Ministry of Finance. It works closely with Central Depository Bangladesh Limited.[7]

From 2006 to 2009, Faruq Ahmad Siddiqi was the chairman of Bangladesh Securities and Exchange Commission during the Fakhruddin Ahmed led Caretaker government.[8]

Initially, the name was Securities and Exchange Commission, on 10 December 2012 and was officially changed to Bangladesh Securities and Exchange Commission.[4]

During the 2011 Bangladesh share market scam, BSEC withdrew various directives given earlier to help stabilize trading at the Dhaka Stock Exchange and was criticized by some commentators for its actions during the subsequent crash.[9]

In 2017, BSEC plans to establish an intelligence unit of the commission.[10]

Bangladesh Academy for Securities Market (BASM) was established in July 2019 as the academic unit of Bangladesh Securities and Exchange Commission.[11]

Two professors of the University of Dhaka, Shaikh Shamsuddin Ahmed and Mizanur Rahman, were appointed commissioners of Bangladesh Securities and Exchange Commission on 20 May 2020 for 4 years.[12]

In 2021, Bangladesh Securities and Exchange Commission announced it is investigating Padma Bank following a complaint by Mohiuddin Khan Alamgir, founding chairman of the bank, and letter against him from the bank.[13]

Bangladesh Securities and Exchange Commission approved Bashundhara Group's request to purchase a 25 percent stake in the Chittagong Stock Exchange.[14] Under the Digital Security Act, Bangladesh Securities and Exchange Commission was identified as a critical information infrastructure which restricts the publics access to information from the organisation.[15] The commission ordered Tamha Securities to be liquidated to pay back clients, whose investment was embezzled by the firm.[16] Professor Rumana Islam of the University of Dhaka was appointed the first female commissioner in May 2022 replacing Khondoker Kamaluzzaman.[17]

On 3 September 2024, former faculty member of the University of Dhaka, Farzana Lalarukh, was appointed as the new commissioner for a 4-year term.[18]

See also

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References

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  1. ^ "Bangladesh Securities and Exchange Commission". sec.gov.bd. Retrieved 11 October 2022.
  2. ^ Faruk, Afnan (11 June 2021). "A noob's guide to investing in stocks in Bangladesh". The Daily Star. Retrieved 11 October 2022.
  3. ^ "Work together to take the stock market forward: BSEC chairman". The Business Standard. 3 October 2022. Retrieved 11 October 2022.
  4. ^ a b c "About SEC". Bangladesh Securities and Exchange Commission. Archived from the original on 19 January 2013. Retrieved 4 May 2013.
  5. ^ "Sultan-uz Zaman's death anniversary today". New Age (Bangladesh). Retrieved 19 January 2024.
  6. ^ "Securities and Exchange Commission". Banglapedia. Retrieved 11 October 2022.
  7. ^ "Vision and Mission | CDBL". www.cdbl.com.bd. Retrieved 11 October 2022.
  8. ^ "Summit Power International Limited, Summit Group, Summit Power, Summit Power Bangladesh, Summit Power Singapore". Summit Power International. 29 November 2017. Retrieved 7 September 2024.
  9. ^ Bhuiyan, Enayet Rasul (23 December 2010). "Reconstructing the market". The Financial Express (Bangladesh). Retrieved 18 October 2011.
  10. ^ "BSEC to form intelligence unit to monitor merchant banks". The Daily Star. 16 November 2017. Retrieved 11 October 2022.
  11. ^ "Welcome to BASM - BASM". basm.org.bd. Retrieved 11 October 2022.
  12. ^ "2 DU professors appointed as new BSEC commissioners". The Daily Star. 20 May 2020. Retrieved 11 October 2022.
  13. ^ "BSEC looking into complaints raised over Padma Bank". The Daily Star. 14 March 2021. Retrieved 11 October 2022.
  14. ^ "Bashundhara's co allowed to be CSE's strategic partner". New Age (Bangladesh). Retrieved 11 October 2022.
  15. ^ "29 institutions 'critical info infrastructure'". The Daily Star. 4 October 2022. Retrieved 11 October 2022.
  16. ^ Habib, Ahsan (9 February 2022). "BSEC orders selling Tamha Securities assets". The Daily Star. Retrieved 11 October 2022.
  17. ^ "Rumana Islam, first ever female commissioner of BSEC". The Daily Star. 9 May 2022. Retrieved 11 October 2022.
  18. ^ "Ex-DU teacher Farzana Lalarukh becomes new BSEC commissioner". The Daily Star. 3 September 2024. Retrieved 3 September 2024.
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