The special tribunal to deal with the stock market-related cases will be setup at BHBFC Bhaban instead of Chini Shilpa Bhaban, a BSEC official said.
The Bangladesh Securities and Exchange Commission earlier decided to rent space at Chini Shilpa Bhaban. But the decision was changed following a finance ministry direction due to high rent charged at Chini Shilpa Bhaban, he said.
The BHBFC Bhaban will cost Tk 40 per square foot while Chini Shilpa Bhaban will cost Tk 160 per square foot, he said.
Formation of the special tribunal will require around 6,000 square feet space including a court room and at least three other rooms for the Judge and other officials of the tribunal, he said.
We are trying to finalise all the formalities to rent floor space within this month, another official told New Age.
A BSEC high official earlier had told New Age the BSEC is trying to set up the tribunal within May.
Earlier, the stock market regulator had requested the law ministry to allocate space to the special tribunal at the Chief Metropolitan Magistrate’s Court.
The law ministry replied to the BSEC saying that it would not be possible to allocate space to the tribunal at the CMM Court due to lack of space there. The ministry asked the BSEC to arrange space for the tribunal on its own.
In April, the ministry asked the BSEC to pay the rent for the office space of special tribunal from the commission’s own fund until the law ministry allocates fund in 2014-15 budget in this regard.
The Supreme Court on February 24 this year appointed Humayun Kabir Manik as judge of the tribunal.
According to statistics available with the BSEC, the number of cases filed by and against the commission rose to 398 till September 2012. The number was 52 in 1999.
None of the 17 cases related to stock market scams in 1996 and 2010-11 have so far been disposed of even after
the appointment of two new lawyers to deal with the cases, the commission informed the finance ministry.
The government on December 10, 2012 amended the Securities and Exchange Ordinance 1969 making provisions for the establishment of a special tribunal to deal with the cases relating to the stock market in response to a longstanding demand from different quarters.
-With New Age input
