Tough actions against hoarding, syndication under way

Talha Bin Habib | Published: May 03, 2014 00:00:00 | Updated: November 30, 2024 06:01:00

Some tougher provisions against illegal hoarding and market syndication are expected to be incorporated in the draft Bangladesh Competition Commission Rules 2014, officials said.
Besides, the commission will be empowered to take action against artificial price hike and to restrict collusion, monopoly and oligopoly in the market.
Earlier, the Ministry of Commerce (MoC) formed a six-member committee with the responsibility to finalise the draft Bangladesh Competition Commission Rules 2014 for implementing the Competition Act 2012.
The draft rules have been prepared and will be submitted to the government within this month.
The service rules, salary and allowance for the officials of the commission are among the draft recommendations of the committee, said the officials.
"We have completed the draft Bangladesh Competition Commission Rules 2014. We hope we will be able to submit it to the ministry concerned within this month," additional secretary of the MoC SM Shawkat Ali, who is the chairman of the committee, told the FE Friday.Â Â
At present, the Directorate of National Consumer Rights Protection (DNCRP), which is under the MoC, is conducting regular market monitoring drives against unscrupulous traders to contain food adulteration and artificial price hike. Â
The official said the commission could take action against hoarding and artificial price hike, and will coordinate with the DNCRP. The official said the four-member commission will be led by a chairman. The chairman and members of the commission must have at least 15 years' experience in economics, law, public administration or similar market-related subjects.Â Â Â
There must be a woman member and an economist in the commission. The chairman will be the chief executive of the commission which will be liable to the government for their responsibilities.
The duration of the chairman and members of the commission will be three years from their date of taking charge.Â The same person cannot be appointed as chairman and member of the commission for more than two terms.
There will be a three-member selection committee to recommend the appointment of the chairman and the members.
The Commerce Minister will be the chairperson of the selection committee, while the cabinet secretary and the president of the Federation of the Bangladesh Chambers of Commerce and Industry (FBCCI) will be the members.
The commission's chairman and members will get their salary, allowances and other facilities under the Section 10 of the Competition Act 2012. Â
They can go abroad for public interest, and must submit reports to the government within 15 working days of their return to the country. Â
The government enacted the Competition Act 2012 to prohibit anti-competitive activities with an aim to ensure a healthy competition environment in the market.