২০১০ সালে সেকেন্ডারি মার্কেটের মূল্যস্ফীতি নিয়ন্ত্রণে আনতে এসইসি 'যথাসাধ্য' চেষ্টা করেছিলো দাবি করে চিঠিতে বলা হয়, 'বাংলাদেশ ব্যাংকও যদি ব্যাংক এবং আর্থিক প্রতিষ্ঠান কর্তৃক পুঁজিবাজারে অতিরিক্ত বিনিয়োগ শুরু থেকে আইন অনুযায়ী নিয়ন্ত্রণের চেষ্টা করতো, তাহলে সম্ভবত এই বিপর্যয় এড়ানো সম্ভব হতো।' কৃষি ব্যাংকের চেয়ারম্যান খোন্দকার ইব্রাহিম খালেদের নেতৃত্বাধীন চার সদস্যের ওই তদন্ত কমিটির প্রতিবেদনে এসইসির শীর্ষ পর্যায়ে রদবদলসহ প্রতিষ্ঠানটির পুনর্গঠনের সুপারিশ করা হয়। জবাবে এসইসি বলেছে, 'পুতকের রিপোর্টে এসইসিতে কর্মরত প্রায় ১০০ জন কর্মকর্তা-কর্মচারীর মধ্যে শুধু একজনের বিরুদ্ধে তথ্য-উপাত্তসহ সুনির্দিষ্ট অভিযোগ উত্থাপন করা হয়েছে। শুধু একজনের জন্য সমগ্র প্রতিষ্ঠানকে ঢালাওভাবে দুর্নীতির দায়ে অভিযুক্ত করা হয়েছে। কেনো প্রমাণ ছাড়া দুর্নীতির দায়ে অভিযুক্তির ফলে এই প্রতিষ্ঠানে কর্মরত সৎ যোগ্য কর্মকর্তা-কর্মচারীদের মনোবলের ওপর কি ধরনের প্রভাব বিস্তার করবে- তা বিবেচনা না করার বিষয়টি খুবই নিষ্ঠুরতার পর্যায়ে পড়ে।' চিঠির অধ্যায়ভিত্তিক পর্যালোচনায় বলা হয়েছে, 'কোনোরূপ প্রমাণ ছাড়া এসইসির মতো একটি গুরুত্বপূর্ণ ও স্পর্শকাতর সরকারি প্রতিষ্ঠানকে সিন্ডিকেশনের সাথে যুক্ত করার চেষ্টা সত্যের অপলাপ ছাড়া আর কিছুই না। ...এসইসি সিন্ডিকেশনের সাথে জড়িত- এ ধরনের মন্তব্য পক্ষপাতমূলক এবং অবিবেচনাপ্রসূত।" তদন্ত কমিটির প্রতিবেদনকে উদ্ধৃত করে চিঠিতে বলা হয়েছে, 'পুতকের সুপারিশমালার বিবিধ প্রসঙ্গে [পৃষ্ঠা ১৪৩, ৯.২৬ (ক)] বিও অ্যাকাউন্ট খোলার সময় টিআইএন নাম্বার দেওয়ার বিধান করার কথা বলা হয়েছে।' এর সঙ্গে দ্বিমত পোষণ করে এসইসি বলেছে, 'বর্তমানে প্রায় ৩৩ লাখ বিও অ্যাকাউন্ট থাকলেও দেশে টিআইএনধারীর সংখ্যা ৭/৮ লাখ হবে বলে ধারণা করা হয়। তাই এই সুপারিশ বাস্তবায়ন করলে প্রায় ২৫ লক্ষ বিও একাউন্ট বন্ধ করে দিতে হবে। এতে নেতিবাচক পরিস্থিতির উদ্ভব হতে পারে।' প্রতিবেদনের আরেকটি সুপরিশে [পৃষ্ঠা ১৪৩, ৯.২৬ (খ)] এসইসির অবসরপ্রাপ্ত, পদত্যাগকারী বা চাকরিচ্যুত কর্মকর্তা-কর্মচারীদের পুঁজিবাজারে সংশ্লিষ্ট হওয়া নিষিদ্ধ করার প্রস্তাব করেছে তদন্ত কমিটি। এর কারণ হিসাবে কমিটি বলেছে, 'তাদের' প্রভাব বিস্তারের সুযোগ থাকে এবং স্বার্থের সংঘাত সৃষ্টি হয়। জবাবে এসইসি বলেছে, 'পুতকের প্রধান বাংলাদেশ ব্যাংক থেকে অবসর গ্রহণের পর দীর্ঘ দিন একটি বেসরকারি ব্যাংকে ব্যবস্থাপনা পরিচালক হিসাবে কর্মরত ছিলেন। এই সুপারিশ বাস্তবায়ন হলে পুঁজিবাজার বিষয়ে অর্জিত অভিজ্ঞতা ও দক্ষতা বাজারের স্বার্থে কাজে লাগবে না এবং পুঁজিবাজার বিকাশে কোনো ভূমিকা রাখবে না। পৃথিবীর অন্য কোনো দেশে এ ধরনের নিষেধাজ্ঞা নেই বলেই আমরা জানি।'
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.
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.