BJCEL admits \\\'mistakes\\\'

Mohammad Mufazzal | Published: November 07, 2013 00:00:00 | Updated: November 30, 2024 06:01:00

The authority of the proposed Bangladesh Jute and Commodity Exchange Limited (BJCEL) has finally admitted their 'mistakes' about the announcement of launching the commodity exchange without taking regulatory permission, officials said.
The Bangladesh Securities and Exchange Commission (BSEC) has also asked the authority to change their company name by 'excluding' the word 'exchange'.
The officials of the proposed BJCEL have regretted for their activities on the advertisements to run the commodity exchange while they were asked to explain in respect to the ads.
"The company has admitted that it was their mistakes to give ads on the emerge of the BJCEL without taking permission from the securities regulator," said Mohammad Saifur Rahman, a BSEC executive director.
The situation regarding the explanation on the legal ground comes after the BJCEL this week gave ads for emerging as early as possible, although they are yet to be licensed for running the commodity exchange by the BSEC.
Even the securities regulator was not aware of the matter but the company had said that they were permitted by the Ministry Of Jute and Textiles to conduct a pilot project on commodity exchange through five purchase centres of jute related goods. Â
According to Mr. Rahman, the BJCE chief investment officer Rahman Habib explained his company's latest position following a query made by the securities regulator.
Â "We have told Mr. Habir that the securities regulator has no objection if the company purchase jute-related or any other goods from purchase centres. But they will have to exclude the word 'exchange' from the company name as the securities regulator has not offered license in this regard," Rahman said.
The company has also been told that they should have been made announcements on the commodity exchange having prior knowledge in this regard.
"They have also been asked to make a corrigendum for giving ads mistakenly for running the commodity exchange. The securities regulator will send the company a letter stating its opinion," the BSEC executive director said.
When asked about the BSEC preparation on the introduction of the rules for giving license to commodity exchange, Rahman said presently the securities regulator is busy to resolve so many issues of the capital market.
"In-depth study is required for introducing the commodity exchange. We also need proper infrastructures for the commodity exchange. I think it may take time for running the exchange," Rahman added.