STOCKS SCAM-RELATED CASES
BSEC assigns two new lawyers to deal with
The Bangladesh Securities and Exchange Commission has given lawyers Probir Neogi and Rezaul Karim Chowdhury responsibility of dealing with cases
related with the stock market scams, BSEC sources said.
The commission took the move recently after the parliamentary standing committee on the capital market headed by AHM Mostafa Kamal on April 11expressed its dissatisfaction over the progress of the cases related with the stock market scams.
The parliamentary standing committee also recommended speedy disposal of the capital market scam-related cases which were filed after the market crashed in 1996 and in 2010.
Probir and Rezaul previously dealt with other stock market-related cases on behalf of the BSEC.
Lawyers Hassan Ariff, Abul Hasnat, Mahmudul Islam and AKM Ali previously were given responsibility of dealing with the cases related with the stock market scams.
The capital market regulator on different occasions filed a total of 15 cases against different individuals and institutions in connection with the stock market scam in 1996 and it filed two cases following the scam in 2010.
But none of them has been disposed off yet.
In March this year, the BSEC moved to frame a draft regulation for setting up a special tribunal to deal with securities-related cases as the number of pending cases filed by and against the BSEC were 398 till September last year. But the regulation is yet to be drafted.
Of the 398 cases, six are pending with the Appellate Division, 159 with the HC Division, 203 with the General Certificate Court in Dhaka, nine with the Dhaka 5th Joint District Judge’s Court, two with 4th Assistant Judge’s Court and rest of the cases with different other lower courts, the BSEC data showed.
Till June of 1999, the total pending cases filed by BSEC was only 52. The numbers of the pending cases were 75 until December 2001.
The number reached to 125 by December 2005, 350 by December of 2010 and 378 by December of 2011.
-With New Age input
