Capital market off-limit to SEC officials
Monday, 19 April 2010
FE Report
The securities regulator has directed all of its officers and employees to abstain from any kind of share business from now on to uphold the clean image of the commission.
The Securities and Exchange Commission (SEC) has issued an order to this effect signed by its spokesman and Executive Director Anwarul Kabir Bhuiyan.
The order bars all offi -cers and employees of the SEC as well as their spouses, parents and children including adopted, if any, from being involved with any level of the capital market, primary or secondary.
Earlier, the window of applying for subscribing shares under Initial Public Offering (IPO) was open to the officers and employees of the SEC. The latest SEC order has discontinued the opportunity, as their entering the secondary market becomes inevitable after obtaining shares under the IPO through lottery.
"After obtaining IPO shares, the successful applicants become the investors of the secondary market and they then need market information. That's why to stop their involvement with both the markets, the order has been passed by the SEC," SEC Chairman Zia-ul Haq Khandakar said.
The order says the officers and employees of the SEC should maintain the highest level of morality for the sake of upholding the SEC's clean image and transparency.
The securities regulator has directed all of its officers and employees to abstain from any kind of share business from now on to uphold the clean image of the commission.
The Securities and Exchange Commission (SEC) has issued an order to this effect signed by its spokesman and Executive Director Anwarul Kabir Bhuiyan.
The order bars all offi -cers and employees of the SEC as well as their spouses, parents and children including adopted, if any, from being involved with any level of the capital market, primary or secondary.
Earlier, the window of applying for subscribing shares under Initial Public Offering (IPO) was open to the officers and employees of the SEC. The latest SEC order has discontinued the opportunity, as their entering the secondary market becomes inevitable after obtaining shares under the IPO through lottery.
"After obtaining IPO shares, the successful applicants become the investors of the secondary market and they then need market information. That's why to stop their involvement with both the markets, the order has been passed by the SEC," SEC Chairman Zia-ul Haq Khandakar said.
The order says the officers and employees of the SEC should maintain the highest level of morality for the sake of upholding the SEC's clean image and transparency.