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Stock regulator to install surveillance software

Star Business Report
The Securities and Exchange Gommission will introduce 'surveillance software' of international standards this year to strengthen stockmarket monitoring.
“We will complete procurement of the surveillance software within October, and after installation, can launch it by this year,” said M Khairul Hossain, chairman of the SEC.
He was addressing a certificate awarding ceremony for a training programme on financial journalism in Bangladesh Institute of Capital Market (BICM), in Dhaka yesterday.
The Capital Market Journalists' Forum (CMJF) organised the
training programme for journalists currently involved in capital market reporting.
The SEC chief said it would be easy for the regulator to identify market manipulation efforts once the surveillance software is launched.
Presently, the SEC has no software of its own and is using the software of the Dhaka Stock Exchange to monitor the market.
The SEC has been facing severe criticism since the market debacle in January last year as the regulator has no surveillance system of its own.
After installing and launching the surveillance software, the SEC will be more vibrant in ensuring supervision, monitoring and transparency in the market.
Development and installation of the software is being implemented under the 'Improvement of Capital Market Governance Project' worth Tk 15 crore, jointly funded by the Bangladesh government and the Asian Development Bank(ADB).
The ADB is providing the fund as loans.
“We are working hard to develop the capital market. We have already modified some of our securities rules, as these laws had many weaknesses, and we are in the process to formulate many other rules in the context of our stockmarket,” the SEC chairman said.
Emphasising objective news reporting, he said financial jour-
nalists are playing a great role as “informal regulators” of the capital market.
“Through your reporting, every market stakeholder is aware of their job and responsibility,” said Hossain, also the chairman of the BICM.
“We also plan to introduce diploma courses on financial journalism at the BICM,” he added.
Earlier, Hossain handed over certificates to the participants.
BICM Executive President Mohammad Abdul Hannan Zoarder, DSE Senior Vice-President Ahmad Rashid Lali, Chittagong Stock Exchange President Al Maruf Khan and CMJF President Ziaur Rahman also spoke.