Mohammad Mufazzal
The two newly appointed members of the securities regulator have expressed their firm resolve to work independently and impartially to help restore stability in the stock market and to help sustain investors' confidence.
Their reactions came Sunday immediately after their appointment by the government as the members of the Securities and Exchange Commission (SEC) for a period of three years.
"I was not involved in the affairs of any political party. So, it will not be possible for any political party or vested quarters to convince me about any undue demand," Mohammad Amzad Hossain, a newly appointed SEC member, told the FE.
Mr. Hossain said he does not need to serve the purpose of anyone as his appointment was made without anybody's lobbying.
"That's the reason myself and all other members of the SEC will be able to carry on discharging the regulatory responsibility, without any interference and pressure from any extraneous quarters," Hossain said.
Asked about the need for restoring the image of the regulatory body, he said it would have to be re-established through teamwork with sincerity.
"The image of the regulator and also investors' confidence will be restored if the whole body works with utmost sincerity to carry out its activities," he said.
Hossain gave priority to restoration of stability of the stock market, along with reforms of some laws to help accelerate the growth of the market.
"The commission will fix the mid-term and long-term initiatives, which will help the market to overcome the present crisis," he said.
Asked about the possibility of the market facing another debacle, Hossain said, "We will regulate the market consciously so that no debacle occurs there."
The other newly-appointed SEC member, Arif Khan echoed the same views as those of Hossain about restoring the image of the regulator and investors' confidence through discharge of their financial responsibilities, in tandem with all others in the SEC, in a very responsible and transparent manner.
"We will have to bring back investors' confidence through our activities," Mr. Khan told the FE, immediately after his appointment as a member of the SEC.
Khan said the regulator would have to ensure its proper role for the sake of the market and investors.
"I would like to hold out a categorical assurance to all concerned about none getting any extra favour or undue benefits from me," he said.
However, Khan stressed the need for the reforms of some rules and laws to make the stock market more time-befitting.
The probe body, in its report on the recent stock market scam, did earlier strongly recommend to the government to reform the securities regulator, noting its 'completely failure' to remove the irregularities, that led to the debacle in the market.
The probe body also brought allegations against some SEC officials who had created opportunities for the vested quarters to make their fortunes by indulging in illegal practices.
Following the recommendations of the probe body, Finance Minister AMA Muhith had said at a press briefing that the government would restructure the SEC.
The two newly appointed members of the securities regulator have expressed their firm resolve to work independently and impartially to help restore stability in the stock market and to help sustain investors' confidence.
Their reactions came Sunday immediately after their appointment by the government as the members of the Securities and Exchange Commission (SEC) for a period of three years.
"I was not involved in the affairs of any political party. So, it will not be possible for any political party or vested quarters to convince me about any undue demand," Mohammad Amzad Hossain, a newly appointed SEC member, told the FE.
Mr. Hossain said he does not need to serve the purpose of anyone as his appointment was made without anybody's lobbying.
"That's the reason myself and all other members of the SEC will be able to carry on discharging the regulatory responsibility, without any interference and pressure from any extraneous quarters," Hossain said.
Asked about the need for restoring the image of the regulatory body, he said it would have to be re-established through teamwork with sincerity.
"The image of the regulator and also investors' confidence will be restored if the whole body works with utmost sincerity to carry out its activities," he said.
Hossain gave priority to restoration of stability of the stock market, along with reforms of some laws to help accelerate the growth of the market.
"The commission will fix the mid-term and long-term initiatives, which will help the market to overcome the present crisis," he said.
Asked about the possibility of the market facing another debacle, Hossain said, "We will regulate the market consciously so that no debacle occurs there."
The other newly-appointed SEC member, Arif Khan echoed the same views as those of Hossain about restoring the image of the regulator and investors' confidence through discharge of their financial responsibilities, in tandem with all others in the SEC, in a very responsible and transparent manner.
"We will have to bring back investors' confidence through our activities," Mr. Khan told the FE, immediately after his appointment as a member of the SEC.
Khan said the regulator would have to ensure its proper role for the sake of the market and investors.
"I would like to hold out a categorical assurance to all concerned about none getting any extra favour or undue benefits from me," he said.
However, Khan stressed the need for the reforms of some rules and laws to make the stock market more time-befitting.
The probe body, in its report on the recent stock market scam, did earlier strongly recommend to the government to reform the securities regulator, noting its 'completely failure' to remove the irregularities, that led to the debacle in the market.
The probe body also brought allegations against some SEC officials who had created opportunities for the vested quarters to make their fortunes by indulging in illegal practices.
Following the recommendations of the probe body, Finance Minister AMA Muhith had said at a press briefing that the government would restructure the SEC.
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