At last, the long expected Special Tribunal on capital market has almost been fully equipped with necessary infrastructure and logistics, paving the way for starting its formal operation very shortly, officials said.
"As the tribunal is ready, we are expecting to issue notices to the respective plaintiffs and accused persons in a case from this tribunal within few days and start hearing shortly," an official attached with the court told the FE Monday.
The Special Tribunal is getting the logistics, required to start trial, around one and half years after its formation in January, 2014.
As per data available with the Bangladesh Securities and Exchange Commission (BSEC), the number of pending cases, filed by the BSEC and vice versa, has already crossed 535.
Visiting the tribunal, set up at the city's Purana Paltan area, Monday, its courtroom was found equipped with necessary logistics, including judge's chair, lawyers' seats and two separate docks.
Apart from the courtroom, the tribunal has five other separate rooms on the 9th floor at Bangladesh House Building Finance Corporation (BHBFC) building.
Of them, one is likely to be used as private room (khas karma) of the judge and another is for his personal secretary, sources at the tribunal said.
One room was prepared as lock-up for keeping accused persons before producing them to the court and two others are for computer operator and other officials, they said.
At the courtroom, a total of eight benches were set up arranging at least 24 seats for counsels and other people.
All the rooms are almost fully ready, officials said, adding that a little work of interior decoration is still going on and is expected to be completed within few days.
However, when contacted Sunday, BSEC spokesperson and executive director Mohammad Saifur Rahman could not confirm any specific date for formal starting of the tribunal.
After amendment to relevant provisions of the Securities and Exchange Ordinance (SEO) 1969 in late 2012, the government formed the special tribunal through a gazette in January, 2014.
The initiative was basically taken under the Capital Market Development Programme, funded by a Manila-based development financier that pushed for a number of reforms, including establishment of the tribunal, in the sector.
On February 24 last year, the tribunal got a judge appointed to try the share-trading offenders and scamsters in its dock.
Around six and a half months after the gazette notification, the securities regulator rented a 3,017-square-foot space, including veranda, at the BHBFC building in the city on July 13, 2014 to house this special court.
After about six months, the tribunal judge assumed his office at the rented place, with its courtroom incomplete in January this year.
As per information available with the regulator, the number of total pending cases -- both civil and criminal -- already crossed 535. The backlog was with only 52 cases as of June 1999.
Most importantly, 15 criminal cases filed against suspected manipulators involved in the 1996 share-market debacle and two more such cases lodged on the 2010 scam still remained unsettled.
   md.ali.du@gmail.com
Formal operation of spl tribunal on capital market to begin soon
Mohammad Ali | Published: June 02, 2015 00:00:00 | Updated: November 30, 2024 06:01:00
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