সঞ্চয়পত্রের ওপর অতিরিক্ত কর আরোপের কারণে অনেকে তা তুলে নিয়ে শেয়ারবাজারে বিনিয়োগ করেছে এবং মার খেয়েছে। বিষয়টি নিয়ে ভাবা উচিত বলে তিনি মনে করেন।
সংবাদপত্রশিল্পকে স্বাধীনভাবে বিকশিত করতে নিউজপ্রিন্ট আমদানিতে কর কমানোর পরামর্শ দেন প্রথম আলোর যুগ্ম সম্পাদক আব্দুল কাইয়ুম। তিনি আরও বলেন, শেয়ারবাজারে প্রাথমিক গণপ্রস্তাবে (আইপিও) বিনিয়োগকে করের বাইরে রাখা যেতে পারে। তবে সেকেন্ডারি বাজারের আয়ের ক্ষেত্রে কর আরোপের বিষয়টি চিন্তা করে দেখতে পারেন অর্থমন্ত্রী।
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.
সংবাদপত্রশিল্পকে স্বাধীনভাবে বিকশিত করতে নিউজপ্রিন্ট আমদানিতে কর কমানোর পরামর্শ দেন প্রথম আলোর যুগ্ম সম্পাদক আব্দুল কাইয়ুম। তিনি আরও বলেন, শেয়ারবাজারে প্রাথমিক গণপ্রস্তাবে (আইপিও) বিনিয়োগকে করের বাইরে রাখা যেতে পারে। তবে সেকেন্ডারি বাজারের আয়ের ক্ষেত্রে কর আরোপের বিষয়টি চিন্তা করে দেখতে পারেন অর্থমন্ত্রী।
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.