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BSEC may be rated A-category

  • Published at 07:02 pm September 9th, 2013
BSEC may be rated A-category

Bangladesh Securities and Exchange Commission (BSEC) would be rated as “A” category of regulatory authorities from existing “B” as it has developed the reputation of a credible enforcement agency, said its chairman Monday.

“Over the last two years, the commission has brought about many changes in norms to remove its weaknesses and intensify monitoring to bring back of investor confidence,” M Khairul Hossain told a meeting with newly elected leaders of the Capital Market Journalist Forum.

Because of our efforts to maintain worldwide standards for efficient, orderly and fair markets, he said International Organization of Securities Commissions (IOSCO) has decided to upgrade our status sometime in November, he said.

IOSCO is the association of national securities regulatory agencies. If upgraded to “A” category, the BSEC will be able to take part in its policymaking process and election.

Khairul, who took over the charge in mid-2011, said during my takeover the market was suffering from the confidence crisis created by lack of necessary rules and lax monitoring.

“Now the situation has changed. Reformation in rules and new guidelines so far brought about by the commission will bring good results in the long run,” he said.

BSEC member Helal Uddin Nizami said nobody can intentionally control the market as monitoring and surveillances have become stronger than ever before as the securities regulator has reformed many rules and regulations over the last two years.

He said this pointing finger at the share market debacle at the fag end of 2010 when weak rules and regulations and lax monitoring were blamed for the debacle.

Another BSEC member Arif Khan said they will see positive result in future because of reforms and formation of new rules. He said the commission will sit with media men sometimes so that information cannot be distorted.  

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