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Shake-up in SEC: 2 members replaced

Star Report
The government has re moved two members of the Securities and Exchange Commission (SEC). Alamgir Kabir and Dr Shabubul Alam, yesterday.
They have been replaced by Faizuddin Ahmed. Managing Director of the House Building Finance Corporation (HBFC), arid Emdadul Huq. former member of National Board of Revenue (NBR). officials said.
The long awaited shake-up in the SEC. the watchdog of the country's capital market, announced by Finance Minister S AMS Kibria late last month, came after' orders for their removal reached the Finance . Ministry late yesterday from the Prime Minister's office.
The two members were given
the marching orders yesterday afternoon and they handed over charge to their successors at the same time, SEC sources said.
They were under contract for three years with the SEC since it was constituted. Their contract ran out in November. But they were given extension for another year.
Earlier. Nawsher Alt executive director of the SEC. was transferred to the Ministry of Establishment.
The overhauling of the SEC was announced by the Finance Minister in the wake of the upheavals in the stock markets in late November.
As the finance minister pledged to reorganise the SEC with new members, the SEC
also formed an enquiry committee to probe the reported scam fuelling the unusual boom in the stock markets.
The four-member committee headed by Prof Amirul Islam. Vice-Chancellor of the Ja-hangirnagar University, began sifting through the files of the SEC and the two stock exchanges to probe the allega-
In a bid to unlock the mystery of the unusual ups and downs in the market, said to have been tailored by certain' people who kept it under their thumb, the probe committee is looking into the records of both the Dhaka Stock Exchange (DSE) and Chittagong Stock Ex-change (CSE).
It is also going through SEC records to find out if the two members who had just been removed and other officials of the watchdog had themselves been involved in the scam as alleged by traders and quarters con-
The committee, which held two meetings so far. went to Chittagong last week and returned yesterday after running a spot check on the CSE. to investigate the alleged inside dealings both the DSE and CSE to jack up the prices of certain shares, whose fundamentals were far from strong.
Some of these snares which ballooned out of proportion while blue chips traded at normal prices are still tangled up in their abnormal height reached during the frenzied buying spree in the market.
However, the prices of these shares remained locked-in and their trading suspended as there had been no takers for them.
But the SEC remained in a fix on their fate. The committee, formed to review the circuitbreaker system held a number of meetings in the past two weeks, recommending relaxation of the 10 per cent circuit breaker on price fluctua-
But the relevant authorities are yet to permit free falling of these shares, from as many as 14 companies, fearing street protests by kerb market traders, who had been agitating and threatened to repeat their actions that interrupted trading several times in the bourses in, recent weeks.