DBA urges BSEC to solve crisis immediately
Business report:
The Dhaka Stock Exchange (DSE) Brokers Association of Bangladesh (DBA) stressed for taking stern measures to resolve the prevailing crisis of officials at the Bangladesh Securities and Exchange Commission (BSEC).
Sources said, a group of BSEC officials locked the chairman and three commissioners inside the office for about four hours on Wednesday, protesting the forced retirement of its executive director, Saifur Rahman.
Later, the chairman and commissioners were rescued by the army.
On Thursday, the protesting officials observed a break in service, demanding the resignation of the chairman and commissioners.
The DBA expressed concern over the unrest of the BSEC officials and employees.
They warned the government that the instability could harm the investors’ confidence and negatively impact the capital market, says in a press release.
The association highlighted the necessity for an immediate resolution to ensure a stable and transparent regulatory environment.
DBA President Saiful Islam said in any instability within the regulatory body to pose serious risks to investor confidence and the capital market’s stability.
“We urge the authorities to take prompt measures to restore normalcy in the capital market for the sake of the investment friendly environment,” he said.
He also warned that the ongoing crisis could deter foreign investors and trigger market volatility.
The DBA called on the relevant ministries to intervene and facilitate a swift resolution to prevent long-term damage to the financial sector.
The association underscored the importance of maintaining market integrity and investor trust to sustain economic growth.
“Ensuring a stable and transparent capital market is essential for the broader economy, and we urge the government to act decisively in addressing the concerns at BSEC,” the DBA statement added. As regulatory uncertainty persists, stakeholders are looking to the government for intervention to restore stability and maintain the momentum of Bangladesh’s financial markets, the statement said.