The DSE Brokers Association of Bangladesh (DBA), an organization of members of Dhaka Stock Exchange (DSE), has raised allegations of widespread corruption and irregularities against former chairman of Bangladesh Securities and Exchange Commission (BSEC) M Khairul Hossain and Professor Shibli Rubaiyat-ul-Islam.
The DBA claims that the chairman of BSEC has been doing unprofessional and unethical activities for a long time. As a result, the market did not improve, but investor confidence reached rock bottom.
On Monday, in a press conference titled 'Present and future plans of the country's stock market', allegations of corruption and irregularities were raised against BSEC. The President of the DBA Saiful Islam spoke at the press conference.
Saiful said, "We believe that this government (interim government) will work to build a non-discrimination, corruption-free and developed state. They will make the country financially prosperous by ensuring good governance at all levels. We are ready to give all kinds of support to this government on behalf of our organization for the development of the capital market."
He said that Dr. Khairul and Prof. Shibli served as chairmen of BSEC for about 14 years from 2011 to 2024. Both of them came from the university teaching profession and occupied this position. In this long time, their unprofessional and unethical activities have not improved the market but the confidence of investors has reached rock bottom.
DBA president said that both the chairmen to stop insider trading in the market, to ensure transparency, good governance, and accountability in the market to prevent manipulation, to bring back the confidence of investors in the market by bringing good quality IPO, to stop terrible anarchy like placement trade, transparency in audited financial reports of companies, they have failed to deliver on the promise and ensure accountability.
Regrettably, their involvement in each of the above irregularities has been observed, said the DBA president.
The amount of corruption and irregularities that have been resorted to in the name of IPO in the last 14 years is very worrying. Unsuitable, weak, substandard, insolvent companies are listed in the market through IPO, which have highlighted these issues through print and electronic media. —UNB
