Special tribunal at BHBFC in a month to try share scamsters

A special tribunal on the capital market sits within a month at the Bangladesh House Building Finance Corporation (BHBFC) building for smooth disposal of several hundred cases, including those involving scams, pending with courts.          
Official sources said the special tribunal was set to get required shape to commence judicial function within a month.
Bangladesh Securities and Exchange Commission (BSEC) officials said they had already signed a deal with the authority of BHBFC to hire a space to set up the tribunal.
"We also called tender for interior design of tribunal and office. Now we will give work order to the lowest bidder," said one senior official of the commission.
He said the securities regulator is going ahead to complete the establishment job of special tribunal as per normal procedure.
"We hope the judicial functions would start within one month," the BSEC official added.
The ministry of finance (MoF) sent a letter to the securities regulator on June 10 last for setting up the special tribunal in the BHBFC.
Following the instructions, BSEC authorities discussed the establishment procedure of the tribunal at a commission meeting held on July 1 and asked the Administration and Finance Department to act as per regulatory decision.
The BSEC sources said the securities regulator will hire 3,017 square feet in the building of BHBFC for Special Tribunal.
The Ministry of Law, Justice and Parliamentary Affairs issued a gazette notification on January 2, 2014 on the special tribunal conceived to resolve the cases concerning the capital market.
The government, on February 24, appointed District Judge Humayun Kabir to the tribunal. Mr Kabir submitted his joining letter to the securities regulator on March 16.
Earlier in late 2012, the Securities and Exchange Ordinance (SEO) 1969 was amended in parliament, empowering the government to set up Special Tribunal(s). In this connection, a new section--25B-was interpolated into the SEO after section 25A.
Establishment of a special tribunal was a longstanding demand from the stakeholders to try the cases related to the capital market.
As per the BSEC's annual report 2012-13, a total of 429 capital-market cases are pending with the district judge's court and the Supreme Court. The cases include those involving the 1996 scams and various disputes over share trading.      

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