Bangladesh Securities and Exchange Commission
|Formed||June 8, 1993|
The Bangladesh Securities and Exchange Commission (BSEC) is the regulator of the capital market of Bangladesh, comprising Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE). The commission is a statutory body and attached to the Ministry of Finance.
BSEC was established on 8 June 1993 under the Securities and Exchange Commission Act, 1993. The Chairman and Members of the commission are appointed by the government and have overall responsibility to administer securities legislation. The commission, at present, has three full-time members, excluding the Chairman. The current Chairman of the commission is Professor Shibli Rubayat Ul Islam. The commission is a statutory body and attached to the Ministry of Finance.
Initially named simply as the Securities and Exchange Commission, on 10 December 2012, its name was officially changed to the Bangladesh Securities and Exchange Commission.
During the 2011 Bangladesh share market scam the BSEC withdrew various directives given earlier to help stabilize trading at the Dhaka Stock Exchange and was criticized by some commentators for its actions during the subsequent crash.
- Protect the interests of securities investors
- Develop and maintain fair, transparent and efficient securities markets
- Ensure proper issuance of securities and compliance with securities laws
- Regulating the business of the Stock Exchanges or any other securities markets.
- Registering and regulating the business of stock-brokers, sub-brokers, share transfer agents, merchant bankers and managers of issues, trustee of trust deeds, registrar of an issue, underwriters, portfolio managers, investment advisers and other intermediaries in the securities market.
- Registering, monitoring and regulating of collective investment scheme including all forms of mutual funds.
- Monitoring and regulating all authorized self-regulatory organizations in the securities market.
- Prohibiting fraudulent and unfair trade practices relating to securities trading in any securities market.
- Promoting investors’ education and providing training for intermediaries of the securities market.
- Prohibiting insider trading in securities.
- Regulating the substantial acquisition of shares and take-over of companies.
- Undertaking investigation and inspection, inquiries and audit of any issuer or dealer of securities, the Stock Exchanges and intermediaries and any self-regulatory organization in the securities market.
- Conducting research and publishing information.