FE Report (March 27, 2011)
The government is likely to remove some top and mid-level officials of the securities regulator shortly in a move to bring about integrity, transparency and dynamism in its operations, sources said.
The government is seriously considering appropriate measures as a section of officials of the Securities and Exchange Commission (SEC) were blamed for helping vested quarters in siphoning off a large amount of money from the stock market. The body now investigating the share market scam has also found some truth in such allegations.
Sources said the government has already selected persons who would replace some top officials of the securities regulator.
The probe body is expected to submit its report recommending restructuring of the SEC.
A competent source said the probe body members Friday called on the Finance Minister AMA Muhith at his residence and gave a hint about the possible structural changes of the SEC.
"The finance minister also felt the necessity of restructuring the SEC," the source told the FE.
After the meeting held at the residence of finance minister, the probe body expressed their hope that the government would take action in accordance with the report that they will be submitting.
"The government is awaiting the report of the probe body," the source told the FE. Though the report would be ready within the deadline, it would be submitted to the finance minister on April 4 when he returns home from a foreign trip. The minister is scheduled to leave Dhaka today (Saturday).
"It's a matter of pleasure that the finance minister is positive to bring about structural changes in the capital market regulatory body, a probe body member said.
Sources said the probe body has scanned the activities of some businessmen, politicians, key officials of PM (prime minister) and SEC offices, members of the DSE board and listing committee and different stakeholders who allegedly made hefty profits through illegal private placement.
The government is seriously considering appropriate measures as a section of officials of the Securities and Exchange Commission (SEC) were blamed for helping vested quarters in siphoning off a large amount of money from the stock market. The body now investigating the share market scam has also found some truth in such allegations.
Sources said the government has already selected persons who would replace some top officials of the securities regulator.
The probe body is expected to submit its report recommending restructuring of the SEC.
A competent source said the probe body members Friday called on the Finance Minister AMA Muhith at his residence and gave a hint about the possible structural changes of the SEC.
"The finance minister also felt the necessity of restructuring the SEC," the source told the FE.
After the meeting held at the residence of finance minister, the probe body expressed their hope that the government would take action in accordance with the report that they will be submitting.
"The government is awaiting the report of the probe body," the source told the FE. Though the report would be ready within the deadline, it would be submitted to the finance minister on April 4 when he returns home from a foreign trip. The minister is scheduled to leave Dhaka today (Saturday).
"It's a matter of pleasure that the finance minister is positive to bring about structural changes in the capital market regulatory body, a probe body member said.
Sources said the probe body has scanned the activities of some businessmen, politicians, key officials of PM (prime minister) and SEC offices, members of the DSE board and listing committee and different stakeholders who allegedly made hefty profits through illegal private placement.
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