The investigation will also examine allegations raised by DSE shareholder member Don Securities.
BSEC chairman unveils sweeping reforms to restore confidence in Bangladesh’s capital market.
The Bangladesh Securities and Exchange Commission (BSEC) has initiated an investigation into allegations of financial mismanagement, corporate governance failures, irregular recruitment and securities trading involving senior officials of the Dhaka Stock Exchange (DSE).
The BSEC’s Market Intelligence and Investigation Division issued an enquiry order in this regard on 10 August.
According to the order, the investigation is aimed at determining whether the DSE recently failed to properly discharge its regulatory responsibilities and whether its top officials were involved in business activities or securities trading.
It will also examine allegations raised by DSE shareholder member Don Securities, including widespread financial mismanagement, corporate governance deficiencies and irregular recruitment practices.
The commission will investigate whether the DSE’s chief operating officer, general managers and other senior officials have been involved in securities trading, as well as whether top officials, their family members or related parties have interests in other capital market businesses involving a fiduciary relationship with DSE officials.
The recruitment and reappointment of DSE officials will also come under scrutiny. The roles of the Resource Appointment Committee (RAC), Resource Administration Division (RAD), Nomination and Remuneration Committee (NRC) and the managing director will be reviewed.
It will examine appointments and reappointments to contractual, advisory and senior positions to determine whether proper procedures were followed.
The commission will also examine whether DSE management and senior officials complied with the confidentiality requirements under Section 19 of the Securities and Exchange Ordinance, 1969, including whether confidential information obtained through official duties was properly protected or misused.
As the country’s premier bourse, the DSE plays a key role in monitoring listed companies, brokerage firms and trading activities.
The investigation will also assess whether the DSE’s internal controls and regulatory oversight mechanisms were functioning properly and whether personal interests influenced official decisions.
BSEC has appointed three officials to conduct the investigation: ASM Mahmudul Hasan, director; Mohammad Shamsur Rahman, additional director; and Md Motiur Rahman, assistant director.
The investigators have been asked to complete the enquiry within 30 working days of the order’s issuance and may examine any other related matters they deem relevant.
Source: The Business Standard
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