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DSE under SEC wrath

Failure to monitor, discipline members

M SHAMSUR RAHMAN and NAZRATUN NAYEEM MONALISA
The Securities and Exchange Commission (SEC) has accused the Dhaka Stock Exchange (DSE) of negligence in detecting, observing and monitoring the malpractice by its members.
In a letter to the DSE on Wednesday, the capital market regulators said despite specific instruction to initiate legal steps against certain brokerage houses, found guilty of misconduct, the DSE management kept mum on the issue.
The SEC said some DSE members are misappropriating their clients' money and shares, which is destroying investors' confidence in the stock markets.
The letter pointed out that despite repeated reminders, the bourse failed to appoint chief executive officer. The SEC is of the view that due to absence of such a key official, there is an administrative vacuum in the DSE.
It said that the DSE is a self-regulatory organisation and one of its key responsibilities is to provide fair, transparent and orderly market place as well as to discipline its members with a view to protecting the interest of investors.
"Your prime duty is also to ensure that all the members are operating fairly, monitored and
regulated," the letter said adding, "But under the circumstances, our feeling is that the DSE is not quite active in performing its duties."
The SEC said there is clear evidence of deceiving investors and misappropriating funds of investors by certain brokers.
The letter is a follow-up of an SEC directive to the DSE on June 21 where the SEC, based on the findings of an investigation report, had asked the bourse to take appropriate measures against Times Securities Ltd, Mansura Securities Ltd, Qazi Kamal Securities and Md Ali Hossain & Co.
Based on the findings, the SEC suggested DSE initiating a series of actions, which include taking legal and administrative steps against the four DSE members for misappropriation of clients/customers money and other violation of securities laws.
The market regulators had also asked the bourse to take appropriate steps so that all sums and securities due by the four DSE members to their customers/clients are paid within July 3, 2003.
It had directed the DSE to complete inspection of Global Securities Limited by June 22, 2003 and take necessary actions, if needed, apprise the Commission of the findings and also to bring the issue before the DSE council meeting.