SANGSAD BHABAN, July 12 (BSS)- Finance Minister Amir Khosru Mahmud Chowdhury today told the parliament that the government has already brought about a major transformation in the country's capital market through wide-ranging reforms, transparent regulatory measures and strict action against those responsible for large-scale market manipulation, resulting in the gradual restoration of investors' confidence at home and abroad.
Replying to a supplementary question from opposition lawmaker Kamrul Hasan (Mymensingh-6) in the Jatiya Sangsad, the finance minister said the newly reconstituted Bangladesh Securities and Exchange Commission (BSEC) has begun delivering visible results, with the stock market maintaining an upward trend over the past two months.
The finance minister said the government had constituted a completely new BSEC comprising a chairman and three commissioners, while the process of appointing another commissioner is underway. None of the present commissioners had been appointed on political considerations, he said.
"I would like to inform the honourable member that no one has been appointed politically. Even as the Finance Minister, I personally did not know any of them before their appointments.
All the commissioners are highly experienced professionals with extensive exposure to both domestic and international capital markets, the minister said.
Referring to the government's drive against stock market manipulation during the previous regime, the minister said punitive actions have already been initiated against a number of individuals and institutions involved in irregularities and market manipulation, while proceedings against several others are currently underway.
He said the details of the disciplinary measures already taken have been published on the BSEC website to ensure transparency and public accountability.
The finance minister informed the House that the securities regulator has so far imposed financial penalties against individuals and organisations found responsible for manipulation, fraud and other irregularities committed during the previous government's tenure.
He said penalties were imposed over manipulation involving the share transactions of Bangladesh Export Import Company Limited (BEXIMCO).
According to the minister, the commission has also been taking further actions on the basis of reports submitted by the inquiry and investigation committees formed to identify those responsible for market manipulation, corruption and other financial irregularities.
He expressed optimism that the government's reform initiatives would establish Bangladesh's capital market as a transparent, accountable and internationally recognised investment destination.
"Not only local investors have started regaining confidence, the international fund managers are once again showing interest in Bangladesh," he said.
