Special tribunal in capital market set to start

The long-expected Special Tribunal in the capital market is set to start its judicial function very soon as all the relevant preparations to commence its operation are almost completed, sources said.
A place has already been hired recently for the tribunal that the government set up in January this year; now, the work of decorating the place is going on, said the sources.
"After the necessary decoration of the place is completed, the tribunal is likely to start its judicial function," Md Saifur Rahman, executive director and spokesperson of the securities regulator, told the FE.
"We want the Special Tribunal will begin its function very soon," he said.
As I know the place was selected at the Bangladesh House Building Finance Corporation (BHBFC) in the city, he added.
On January 2 this year, the government set up the Special Tribunal in a gazette notification under the Securities and Exchange Ordinance (SEO)-1969 aiming to quickly dispose of the cases relating to the stock market.
The government, on February 24, appointed District Judge Humayun Kabir at the tribunal. Mr Kabir joined the tribunal submitting his joining letter to the Bangladesh Securities and Exchange Commission (BSEC) on March 16.
Prior to his joining to the capital market special tribunal, Mr Kabir was the district judge in Mymensingh.
Earlier in late 2012, the SEO was amended in the Parliament empowering the government to set up Special Tribunal(s). In this connection, a new section-- 25B-- was inserted after section 25A in the SEO.
Establishment of such a special tribunal was a long-standing demand from the stakeholders to deal with the capital market- related cases.
However, Mr Saifur Rahman earlier said, functions of the special tribunal will be run under the power of the Code of Criminal Procedure (CrPC)-1898 rather than its own separate rules.
The authorities had primarily thought to frame a separate set of rules for the tribunal, but later they refrained from doing so, according to the official.
In absence of any separate "mode of operandi", some legal experts apprehended, multiple complexities may arise during the adjudication process at the tribunal.
Some of them also claimed that there is 'inconsistency' at the tribunal-related sections at the SEO-1969 with the CrPC-1898 in respect of power, structure and mode of operandi of the tribunal.