Asif Showkat Kallol
The probe body on stock market scam has got a legal expert as its new member who will recommend legal actions against alleged unscrupulous stock traders involved in recent share market scam.
Banking division of Finance Ministry in a circular issued on Tuesday announced appointment of lawyer Nihad Kabir as the legal expert of the committee.
On January 25, the government formed a three-member committee headed by Krishi Bank Chairman Khondkar Ibrahim Khaled to probe into the massive ups and downs in the stock market in the last two years.
Besides, the Securities and Exchange Commission (SEC) on February 20 gave its consent to the banking division on formation of a new committee for making country's stock market stabilised for protecting the interests of the share investors.
The SEC suggested for a six member committee in this regard, sources said.
As per the SEC proposal, the members include – deputy secretary of finance division, executive directors of the SEC and the Bangladesh Bank, general manger of the Investment Corporation of Bangladesh, and a representative from the Insurance Development and Regulatory Authority (IDRA) and a member of the Association of Bankers.
The proposed six-member committee will executive the decisions of the money market regulators –Bangladesh Bank, SEC, IDRA, and Register of Joint Stock Companies, source said.
Commenting on co-opting a lawyer in the probe committee, Ibrahim Khaled, chairman of the committee, said a lawyer in the committee was needed since it already got economists and bankers.
After visiting the DSE on Tuesday, he said "The probe committee has now become a balanced one."
"We are doing our job in full swing and we've also made some progress," Ibrahim Khaled said.
"We'll be able to finish the investigation and submit the report within stipulated time," he added.
Earlier, the finance ministry in an observation said that share prices of many companies were going down, but the companies were not buying back their shares.
The proposed committee will execute the buy back method as directed by the finance ministry.
The proposed committee will also execute commercial bank's exposure limit in the country's two bourses.
As per the Bank Company Act 1991, the commercial banks require to expose only 10 per cent of their capital in the country's share market.
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