SEC will be reconstituted

The government has decided to reconstitute the capital market watchdog, Securities and Exchange Commission (SEC), at its hierarchy by appointing a new chairman for the organisation. While making the report of the four-member probe committee officially public, Finance Minister AMA Muhith told the journalists on Saturday that the new chairman and two new members of the SEC will take over the charge within three or four days. However, the Finance Minister did not disclose the names of those to be appointed as the chairman and members of the SEC, saying that the ministry is working on the terms and conditions relating to the appointments of its the new chairman and members. The Finance Minister told the journalists that the government was not fully convinced of the recommendations, made by the probe committee on the recent stock market debacle, about the total failure of the SEC to discharge its duties to regulate the capital market. The committee also suggested for reconstitution of the SEC. "The government doesn't consider that the SEC has completely failed to regulate the market. We also need to look at the roles of other institutions during the recent debacle of the stock market," Mr. Muhith said. "But to restore the investors confidence, the government has decided to reconstitute the capital market watchdog, SEC," he added. The investigation committee, headed by Bangladesh Krishi Bank chairman Khondker Ibrahim Khaled, submitted the probe report on share market scam report to Mr. Muhith on Apr 7. They recommended reconstitution of the SEC by firing the incumbent chairman and two Executive Directors from their posts. The committee also recommended investigating further into the role of former SEC member Mansur Alam. Mansur Alam resigned from his post following his 'controversial' role about giving market-related directives. The Finance Minister informed the media personnel that the appointment of the new chairman and two members would the first step towards reconstituting the SEC. After the new top brass takes over the charge, the government will consider appointing two more new members for the SEC in place of the existing ones. Currently Yasin ali and Md Anisuzzaman are working as the members of the SEC. The government also decided to file departmental cases against two Executive Directors of the SEC -- Anwarul Kabir Bhuiya and ATM Tariquzzaman Prior to that, the government decided to create additional 49 posts in the SEC in order to make the functions of the regulatory body more effective.