The newly-appointed chairman of the securities regulator, Professor Shibli Rubayat Ul Islam, joined on Sunday with a vow to ensure 'proper characteristics' of the country's capital market like the other markets of developed countries.
"I have just joined as new chairman of the Bangladesh Securities and Exchange Commission (BSEC). We will work to make the capital market effective and operational, as the markets are operated in developed countries," Mr. Islam told the FE as his immediate reaction after joining.
Mr. Islam, a professor of banking and insurance at Dhaka University (DU), joined the BSEC on Sunday, following a notification issued by the Ministry of Finance (MoF) on the same day.
"Prof Shibli Rubayat Ul Islam has been appointed chairman of the Bangladesh Securities and Exchange Commission (BSEC) for four years from the date of his joining," according to the notification.
The new BSEC chairman also said he will work for flourishing bonds and derivatives along with ensuring development of the equity market.
"Our objective is also to ensure due role of the capital market in the country's economy," said Prof. Shibli, also dean of the Faculty of Business Studies at DU.
The newly-appointed chairman has spent more than two decades in teaching finance, banking and insurance, and played a key role in many businesses, chambers and researches related to his fields at home and abroad.
At BSEC, he is the successor of Professor M Khairul Hossain, whose tenure expired on May 14. Mr Khairul served as the BSEC chairman for nine years in three terms.
The tenures of two BSEC commissioners Dr Swapan Kumar Bala and Professor Helal Uddin Nizami expired on April 18 and May 3 respectively.
Presently, Khondoker Kamaluzzaman is the only commissioner at the BSEC. As a result, the securities regulator is facing quorum crisis.
The BSEC comprises of the chairman and three commissioners. The quorum at the commission meeting is fulfilled, if the chairman and at least two commissioners remain present.
Insiders said the government is set to appoint three commissioners soon to make the securities regulator operational.
© 2024 - All Rights with The Financial Express
