BSEC forms committees to look into activities of stock exchanges

The Bangladesh Securities and Exchange Commission (BSEC) has formed two investigation committees to look into the overall activities of the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE).

The stock market regulator on Wednesday formed a four-member committee, headed by BSEC Director Md Abul Kalam, to look into the activities of DSE while another four-member, headed by BSEC Director Mohammed Fakhrul Islam Mazumder, was formed to investigate the activities of CSE, confirmed a senior official of BSEC.

The stock market regulator formed the committees as investors' confidence in the stock exchanges was low and they believed that the stock exchange management bodies had not been playing their role properly.

The committees have been asked to submit a report within 20 working days and are empowered to investigate any issue relating to the stock exchange.

The BSEC asked the stock exchange management to assist the committee and facilitate audit activities. The regulator already sent letters to the bourses on Wednesday.

The regulator took the decision shortly after Khondoker Rashed Maqsood's appointment as BSEC chairman.

A top official of the BSEC said this was a step to unearth whether the stock exchange management had been conducting their activities properly.