The long-pending tribunal for quick disposal of share market-related
cases is finally gathering pace, with the finance ministry recently
approving its outline.
“The tribunal has been a longstanding demand of the investors,” said Khandaker Ibrahim Khaled, a former deputy governor of Bangladesh Bank, who led the government’s four-member investigation committee on the stockmarket crash of 2010. The panel recommended setting up the tribunal.
Subsequently, the securities regulator in February formed a four-member panel to prepare the outline of the tribunal, which was approved by the finance ministry on September 4.
The finance ministry on September 11 asked the law ministry to assess the salaries and other facilities of the judges.
Due to long-pending cases, the listed companies sometimes cannot declare dividends or make corporate disclosures. Whenever the securities regulator imposed fines on any listed company or investor or manipulator, they went to the High Court challenging the regulator’s order or punishment, negating its efficacy.
A total of 400 cases were filed against companies, investors and manipulators with courts between 1996 and January this year, according to Bangladesh Securities and Exchange Commission (BSEC).
Khaled fears the delay in setting up the process of the tribunal may create scope for demolition of evidence. “The legal department of securities regulator should ensure it does not happen.”
He urged the government to let the tribunal work independently—and without any political pressure.
“We would be able to clear the cases without much delay now. The tribunal will boost investors’ confidence,” said Saifur Rahman, executive director of BSEC.
In November last year, the parliament amended the Securities and Exchange Ordinance 1969 to empower the government to set up special tribunals to try such cases.
As per the amendment, the government may establish one or more tribunals—each with a sessions judge or additional sessions judge.
“The tribunal has been a longstanding demand of the investors,” said Khandaker Ibrahim Khaled, a former deputy governor of Bangladesh Bank, who led the government’s four-member investigation committee on the stockmarket crash of 2010. The panel recommended setting up the tribunal.
Subsequently, the securities regulator in February formed a four-member panel to prepare the outline of the tribunal, which was approved by the finance ministry on September 4.
The finance ministry on September 11 asked the law ministry to assess the salaries and other facilities of the judges.
Due to long-pending cases, the listed companies sometimes cannot declare dividends or make corporate disclosures. Whenever the securities regulator imposed fines on any listed company or investor or manipulator, they went to the High Court challenging the regulator’s order or punishment, negating its efficacy.
A total of 400 cases were filed against companies, investors and manipulators with courts between 1996 and January this year, according to Bangladesh Securities and Exchange Commission (BSEC).
Khaled fears the delay in setting up the process of the tribunal may create scope for demolition of evidence. “The legal department of securities regulator should ensure it does not happen.”
He urged the government to let the tribunal work independently—and without any political pressure.
“We would be able to clear the cases without much delay now. The tribunal will boost investors’ confidence,” said Saifur Rahman, executive director of BSEC.
In November last year, the parliament amended the Securities and Exchange Ordinance 1969 to empower the government to set up special tribunals to try such cases.
As per the amendment, the government may establish one or more tribunals—each with a sessions judge or additional sessions judge.
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