শেয়ার বাজারে অনিয়ম তদন্তে গঠিত কমিটির প্রতিবেদনের বিষয়ে তীব্র প্রতিক্রিয়া জানিয়ে সিকিউরিটিজ এন্ড এক্সচেঞ্জ কমিশন (এসইসি) বলেছে, পুঁজিবাজারের 'সাধারণ কর্মপদ্ধতি' সম্পর্কে 'স্পষ্ট ধারণা' না থাকায় কেবল সাধারণ ধারণার ভিত্তিতে এই প্রতিবেদন তৈরি করা হয়েছে। অর্থ মন্ত্রণালয়ে পাঠানো একটি চিঠিতে এসইসি বলেছে, 'এই তদন্ত রিপোর্টটি সাধারণভাবে ধারণার (পারসেপশন) ওপর ভিত্তি করে রচিত। এই রিপোর্ট অনুযায়ী কারো বিরুদ্ধে আইনগতভাবে ব্যবস্থা নেওয়া খুব সহজ হবে না।' গত ৭ এপ্রিল অর্থমন্ত্রী আবুল মাল আব্দুল মুহিতের কাছে জমা দেওয়া তদন্ত কমিটির ৩০০ পৃষ্ঠার ওই প্রতিবেদনের জবাবে গত সপ্তাহে ব্যাংক ও আর্থিক প্রতিষ্ঠান বিভাগের সচিবের বরাবরে আট পৃষ্ঠার এই চিঠি পাঠায় এসইসি। মন্ত্রণালয়ের একটি সূত্র বিষয়টি নিশ্চিত করেছে। এসইসির চেয়ারম্যান জিয়াউল হক খন্দকার স্বাক্ষরিত ওই চিঠির একটি অনুলিপি হাতে এসেছে। তবে এসইসি প্রধান এ বিষয়ে কোনো মন্তব্য করতে রাজি হননি। ওই চিঠিতে পুঁজিবাজার তদন্ত কমিটিকে সংক্ষেপে 'পুতক' নামে উল্লেখ করেছে এসইসি। এতে বলা হয়েছে, 'পুতক বাংলাদেশ ব্যাংকের পক্ষে এবং এসইসির বিপক্ষে তাদের অবস্থান স্পষ্ট করেছে এবং তথ্যের সত্যতা সম্পর্কে কোনোরূপ যাচাই-বাছাই ছাড়াই মন্তব্য করেছে।' প্রতিবেদনের বিভিন্ন প্রস্তাব ও সুপারিশ দেখে এসইসির কাছে 'প্রতিয়মান' হয়েছে যে, পুঁজিবাজারের সাধারণ কর্মপদ্ধতি সম্পর্কেই কমিটির 'সম্যক ধারণার' অভাব রয়েছে।
'পুঁজিবাজার তদন্ত কমিটির প্রতিবেদনের উপর মন্তব্য' শিরোনামে ওই চিঠির শুরুতেই বলা হয়েছে, পুতকের প্রতিবেদনে শেয়ার বাজারের সা¤প্রতিক উত্থান-পতনের জন্য এসইসিকে 'ব্যাপকভাবে' দায়ী করা হলেও এসব বিষয়ে কখনোই এসইসির কোনো ব্যাখ্যা নেওয়া হয়নি। পুতক এ সব বিষয়ে এসইসির লিখিত ব্যাখ্যা নিলে প্রতিবেদনটি আরো তথ্যভিত্তিক হতো। এসইসি বলেছে, 'পুতক তাদের তদন্ত রিপোর্টে ক্যাপিটাল ইস্যু বিভাগের সবচেয়ে বেশি সমালোচনা লিপিবদ্ধ করেছে। কিন্তু সুপারিশমালায় সংশ্লিস্ট নির্বাহী পরিচালক ও চেয়ারম্যানের ব্যাপারে ব্যবস্থা নেওয়ার কথা বলা হলেও সংশ্লিস্ট সদস্যের ব্যাপারে কিছু বলা হয়নি। বস্তুতঃপক্ষে সংশ্লিস্ট সদস্যের অনুমোদন ব্যাতিরেকে কোনো কিছুই কমিশনের বিবেচনায় নেওয়া বা অনুমোদন করার অবকাশ নেই।' এসইসির এই 'সংশ্লিষ্ট' সদস্য হলেন ইয়াছিন আলী। এসইসিতে যোগ দেওয়ার আগে তিনি বাংলাদেশ ব্যাংকের নির্বাহী পরিচালক ছিলেন
In a scathing response to the stocks crash probe report, the market regulators have said the committee lacked basic understanding of the market, relied more on perception than facts and failed to act neutrally.
"This inquiry report has generally relied more on perception," the SEC said in a letter to the finance ministry, "It will not be an easy task to take punitive action against anyone based on this report."
The eight-page "initial" response to the 300-page probe report, submitted to minister A M A Muhith on Apr 7, was sent to the banking division secretary last week, a highly-placed ministry source said.
bdnews24.com has obtained a copy of the SEC statement, signed by chairman Ziaul Haque Khandoker.
The SEC chief, however, refused to comment on the matter.
Many of the proposals and recommendations showed the committee lacked "in-depth knowledge of how the capital market works", the SEC statement to the ministry said.
The probe committee recommended, the SEC pointed out, that the right issue proposals should not be made public until SEC approval. "In reality, if this information is not published the day the company board of directors approves of the right issue proposal, there will be an opportunity created for insider trading."
NOT IMPARTIAL
The SEC has also raised questions about the committee's neutrality.
"There is no denying that monetary policy or supply of money has an impact on the share market," the SEC said, "but this probe report completely ignores the banks' role in increasing the liquidity in the market and the different steps taken by the Bangladesh Bank in November 2010, and its subsequent impact on the capital market."
The regulators pointed out the probe committee chief, Khondkar Ibrahim Khaled, even told a daily newspaper that he had done that intentionally, so that attention did not divert from the SEC.
"If that is true, then you can question the neutrality of the probe committee," the SEC statement said.
"The SEC had tried its best to rein in the secondary market inflation in 2010. If the Bangladesh Bank had, in keeping with laws, also tried to check the banks and financial institutions from making excess investment in the capital market from the beginning, such a disaster could have been averted."
The letter further states, "The panel mostly criticised the handling of capital issue segment. In this regard, it recommended to take steps against executive director and chairman but avoided saying anything about the member concerned."
Apparently raising a question on the report's impartiality, the SEC letter pointed out, "Actually, the commission has no chance to approve or consider anything without the clearance of the member."
The member whose name—Yasin Ali—does not find a place in the letter also served as an executive director of the Bangladesh Bank before joining the SEC.
'IT'S CRUEL'
The letter further said the report had brought specific allegation with information against only one out of nearly 100 SEC officers and employees.
"The entire organisation was charged for corruption of only one person. It is very much cruel not to consider the impact of media reports on the honest officers and employees of the organisation."
About probe panel's recommendations on rules (P 143, 9.26 ka, where it talked about opening BO accounts with TIN), the SEC letter said: "Currently, there are some 3.3million BO accounts in the country, but the number of TIN holders would be around 0.7 to 0.8 million."
"If these proposed recommendations are implemented, 2.5million BO accounts will have to be closed, which will lead to a negative scenario," it stressed.
"In page 143 of the report," the letter went on, "the committee proposes to impose a ban on SEC's retired, resigned or forced out officers and employees, saying there may be chances for 'them' to influence the market and have clash of interest among themselves."
In response, SEC sounded critical of Khaled. "The panel chief worked as a managing director of a private bank for a long time after his retirement from the Bangladesh Bank. [He should understand that] If the proposal is implemented, the experience of the past employees will not be made use of towards the growth and development of the share market. No country has such a restriction, as per our knowledge."
"The SEC has been conducting all its activities in line with the law. The probe report could not cite a single example that it had taken any decision in violation of the law…," the letter added.
'পুঁজিবাজার তদন্ত কমিটির প্রতিবেদনের উপর মন্তব্য' শিরোনামে ওই চিঠির শুরুতেই বলা হয়েছে, পুতকের প্রতিবেদনে শেয়ার বাজারের সা¤প্রতিক উত্থান-পতনের জন্য এসইসিকে 'ব্যাপকভাবে' দায়ী করা হলেও এসব বিষয়ে কখনোই এসইসির কোনো ব্যাখ্যা নেওয়া হয়নি। পুতক এ সব বিষয়ে এসইসির লিখিত ব্যাখ্যা নিলে প্রতিবেদনটি আরো তথ্যভিত্তিক হতো। এসইসি বলেছে, 'পুতক তাদের তদন্ত রিপোর্টে ক্যাপিটাল ইস্যু বিভাগের সবচেয়ে বেশি সমালোচনা লিপিবদ্ধ করেছে। কিন্তু সুপারিশমালায় সংশ্লিস্ট নির্বাহী পরিচালক ও চেয়ারম্যানের ব্যাপারে ব্যবস্থা নেওয়ার কথা বলা হলেও সংশ্লিস্ট সদস্যের ব্যাপারে কিছু বলা হয়নি। বস্তুতঃপক্ষে সংশ্লিস্ট সদস্যের অনুমোদন ব্যাতিরেকে কোনো কিছুই কমিশনের বিবেচনায় নেওয়া বা অনুমোদন করার অবকাশ নেই।' এসইসির এই 'সংশ্লিষ্ট' সদস্য হলেন ইয়াছিন আলী। এসইসিতে যোগ দেওয়ার আগে তিনি বাংলাদেশ ব্যাংকের নির্বাহী পরিচালক ছিলেন
In a scathing response to the stocks crash probe report, the market regulators have said the committee lacked basic understanding of the market, relied more on perception than facts and failed to act neutrally.
"This inquiry report has generally relied more on perception," the SEC said in a letter to the finance ministry, "It will not be an easy task to take punitive action against anyone based on this report."
The eight-page "initial" response to the 300-page probe report, submitted to minister A M A Muhith on Apr 7, was sent to the banking division secretary last week, a highly-placed ministry source said.
bdnews24.com has obtained a copy of the SEC statement, signed by chairman Ziaul Haque Khandoker.
The SEC chief, however, refused to comment on the matter.
Many of the proposals and recommendations showed the committee lacked "in-depth knowledge of how the capital market works", the SEC statement to the ministry said.
The probe committee recommended, the SEC pointed out, that the right issue proposals should not be made public until SEC approval. "In reality, if this information is not published the day the company board of directors approves of the right issue proposal, there will be an opportunity created for insider trading."
NOT IMPARTIAL
The SEC has also raised questions about the committee's neutrality.
"There is no denying that monetary policy or supply of money has an impact on the share market," the SEC said, "but this probe report completely ignores the banks' role in increasing the liquidity in the market and the different steps taken by the Bangladesh Bank in November 2010, and its subsequent impact on the capital market."
The regulators pointed out the probe committee chief, Khondkar Ibrahim Khaled, even told a daily newspaper that he had done that intentionally, so that attention did not divert from the SEC.
"If that is true, then you can question the neutrality of the probe committee," the SEC statement said.
"The SEC had tried its best to rein in the secondary market inflation in 2010. If the Bangladesh Bank had, in keeping with laws, also tried to check the banks and financial institutions from making excess investment in the capital market from the beginning, such a disaster could have been averted."
The letter further states, "The panel mostly criticised the handling of capital issue segment. In this regard, it recommended to take steps against executive director and chairman but avoided saying anything about the member concerned."
Apparently raising a question on the report's impartiality, the SEC letter pointed out, "Actually, the commission has no chance to approve or consider anything without the clearance of the member."
The member whose name—Yasin Ali—does not find a place in the letter also served as an executive director of the Bangladesh Bank before joining the SEC.
'IT'S CRUEL'
The letter further said the report had brought specific allegation with information against only one out of nearly 100 SEC officers and employees.
"The entire organisation was charged for corruption of only one person. It is very much cruel not to consider the impact of media reports on the honest officers and employees of the organisation."
About probe panel's recommendations on rules (P 143, 9.26 ka, where it talked about opening BO accounts with TIN), the SEC letter said: "Currently, there are some 3.3million BO accounts in the country, but the number of TIN holders would be around 0.7 to 0.8 million."
"If these proposed recommendations are implemented, 2.5million BO accounts will have to be closed, which will lead to a negative scenario," it stressed.
"In page 143 of the report," the letter went on, "the committee proposes to impose a ban on SEC's retired, resigned or forced out officers and employees, saying there may be chances for 'them' to influence the market and have clash of interest among themselves."
In response, SEC sounded critical of Khaled. "The panel chief worked as a managing director of a private bank for a long time after his retirement from the Bangladesh Bank. [He should understand that] If the proposal is implemented, the experience of the past employees will not be made use of towards the growth and development of the share market. No country has such a restriction, as per our knowledge."
"The SEC has been conducting all its activities in line with the law. The probe report could not cite a single example that it had taken any decision in violation of the law…," the letter added.