Expedite case transfer to stock-related tribunal

Finance ministry asks BSEC

HM Murtuza | Published: 23:25, Jan 10,2017

 
 

The finance ministry has asked the Bangladesh Securities and Exchange Commission to expedite its efforts in transferring cases from the lower courts to the stocks-related tribunal.
The ministry’s Bank and Financial Institutions Division assistant secretary Md Mokhfar Uddin Khokon issued a letter on January 5 in this regard to BSEC chairman M Khairul Hossain.
The finance ministry issued the letter as the stocks tribunal, after starting its function in June 2015, had remained idle for around seven months in 2016 as there was no case before the tribunal for hearing.
At present the tribunal has only two cases for hearing.
The ministry letter asked the BSEC to take proper and effective measures in transferring cases to the tribunal.
Officials of the ministry said although the government launched a separate tribunal for speedy disposal of stock market-related cases, the slow pace of transferring cases from the lower courts to the special tribunal was hindering the objective.
Asked, Bangladesh Securities and Exchange Commission executive director Md Saifur Rahman told New Age on Tuesday that the commission had been giving its effort constantly in transferring cases to the tribunal.
In 2016, only one case was transferred to the tribunal for proceedings. The accused in the case are Mark Bangladesh Shilpa and Industries Limited, its chairman and managing director Imam Mulkutur Rahman, and director Salma Akhter. The first hearing of the case at the tribunal started on November 6, 2016. But the charges are yet to be framed against the accused following time prayers from the plaintiff, BSEC. The accused have remained absconding.
The government formed the tribunal under the amended Securities and Exchange Ordinance 1969 to exclusively deal with the stock market-related cases as a significant number of such cases, including those which were related to stock market crash of 1996 and 2010-11, have remained unsettled for years.
After its formation, 24 cases, excluding the case against Mark Bangladesh, were transferred to the tribunal. Of the 24 cases, the tribunal already disposed of six cases and returned two cases to the sessions court as they were not within the jurisdiction of the tribunal. The rest 16 cases were stayed by the High Court. The HC has recently allowed the stocks tribunal to carry out proceedings partially against three out of five accused in a case that was about 1996 stock market-related case.

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