CrPC to guide spl court on stock mkt

Recently formed special tribunal for capital market is set to start functioning shortly 'without having its own rules' amid the experts' doubts over smooth operation of the special court, sources familiar with the issue said.
Although there was an initiative to frame a separate set of rules for the tribunal, now the authorities are considering run it under the powers of existing Code of Criminal Procedure (CrPC)-1898, the sources said.
Earlier, the authorities formed a committee to frame such rules, but they later retracted from doing so, they added.
"We earlier thought about framing such Rules for conducting the functions of the tribunal. But later, we refrained from doing so," Md Saifur Rahman, executive director and spokesperson of the commission, told the FE recently.
However, some legal experts expressed their apprehension that "multiple complexities may arise during the adjudication process at the tribunal if any separate mode of operandi is not framed" for the special tribunal.
"The more legal complexities will arise, the more benefits we will get; so, no problem," some of them said in a slightly comic tone.
They earlier also claimed that there is 'inconsistency' at the tribunal related sections at the Securities and Exchange Ordinance (SEO)-1969 with the CrPC-1898 in respect of power, structure and mode of operandi.
Clarifying the relevant documents, Mr Saifur Rahman said, "For the time being, the tribunal does not require separate rules. Rather, it will be run under the powers conferred by the CrPC."
"Speciality of the tribunal is: it will mainly focus on the capital market cases," he said.
"After the tribunal starts its function, if they (concerned authorities) see problems in absence of such Rules, and feel its requirement, they will take necessary steps to frame the rules," he said.
"If necessary, they even can move to take measures for amendment in the relevant laws" in the parliament, he added.
Overall, Mr Rahman sees the development (setting up of the tribunal) as "one step ahead" towards ensuring the quick disposal of the capital market related cases.
If anybody aggrieved with the tribunal's judgment, s(he) may to go to the High Court (HC) against it, he said.
"The special tribunal, having jurisdiction in entire Bangladesh, shall try all the offenses mentioned at the section 17 of the SEO-1969" the BSEC spokesperson said.
In a question on how long the time in disposing of the cases will be reduced under the tribunal as the aggrieved is still enjoying rights to appeal against the tribunal's judgment, he said "Though appeal is allowed, the stages will be decreased, as there were several stages at the lower court earlier".
Earlier, the stock market cases would have been shelved by a lot of other cases at the different stages of the lower court; now, the tribunal will deal only with the capital market related cases, so, it will accelerate the disposal rate of the cases, he said.
"There are both positive and negative sides of everything; it cannot be said that 100 per cent of the problems will be solved by setting up of the tribunal" he said, adding that "But it's a one step ahead towards the betterment."
"If the positive sides exceeds the negative possibilities, then that it better."
"Nothing is permanent in the world. As such, you cannot say that this tribunal will be the perfect to fulfill the purposes of its establishment; but you have to go 'trial and error' basis," Mr Rahman said.
"In the capital market, you cannot say that anything is 100 per cent right or wrong. However, we need to continue our best effort for betterment," he added.