Prof Helal made member of SEC

The government Monday appointed Prof Md Helal Uddin Nizami as a member of the Securities and Exchange Commission (SEC) for three years from his date of joining, according to an office order issued by the Ministry of Finance (MoF). The Banking and Financial Institution Division under the MoF has issued the order. Mr Nizami is at present a professor of Accounting and Information Systems Department of Chittagong University. He will join the SEC shortly, an MoF official said. Earlier on last Saturday, Finance Minister AMA Muhith at a press briefing said four new Members will be appointed to the SEC in phases while two incumbents have to go as part of reconstituting the securities regulator. Officials in the MoF said at least one more member may get the letter of appointment in the SEC during the current week. They, however, declined to make any comment on the appointment of the new SEC Chairman. The appointment order of the ministry is signed by Banking and Financial Institution Division Joint Secretary Mr Gokul Chand Das. Meanwhile, the Securities and Exchange Commission (SEC) Chairman Ziaul Haque Khondker said he is waiting to comply with the government's decision regarding the appointment of a new chairman of the SEC. His comment came Monday while he was clarifying his position after announcement by the finance minister last Saturday at a press briefing about the appointment of a new SEC chairman. The briefing was arranged to publish the probe body's report on recent stock market scam. "I must follow the government's order," Khondker told the reporters. The finance minister said Saturday the new SEC chairman "has already been selected" but he did not disclose the name as the agreement with the new comer was yet to be signed. When asked, Khondker refused to make any comment regarding the probe body's report that largely blamed the securities regulator for recent stock market crash. He also refused to make any comment on his first reaction to probe body's report on the scam. On April 18, Khondker mentioned in an official letter to the higher authorities concerned that the four-member probe committee's report was "biased, unsubstantiated and too cruel". In his written reaction then, he also said, "The suggestions of the probe committee show that it does not have any primary knowledge about the capital market." "I have nothing to say on probe body's report," Khondker said on Monday. Asked about his success or failure during his tenure as the SEC chief, Khondker said, "Only 40 persons of securities' regulator are operating the market worth US$ 40 billion dollars. So it is difficult to make any comment." Khondker took over as the chairman of SEC on May 4, 2009. Before joining the SEC, he was the managing director of the state-run, Investment Corporation of Bangladesh (ICB).