The special tribunal to deal with stock market-related cases is yet to start functioning even after ten months of appointment of a judge for the tribunal. The government in February this year appointed Humayun Kabir Manik as judge to the tribunal. 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 cases relating to the stock market, in response to a longstanding demand for it from different quarters.
The finance ministry last year, as per the Bangladesh Securities and Exchange Commission’s opinion and approval from the law ministry, allowed the capital market regulator to setup the tribunal and conduct it according to the Code of Criminal Procedure, 1898.
Asked, a BSEC high official told New Age, ‘the commission, immediately after the appointment of judge, has taken initiatives to rent space to setup up the tribunal.’
BSEC at first decided to rent space at the Chini Shilpa Bhaban, but the decision was changed following a finance ministry direction due to high rent, he said.
In May, BSEC initiated process to rent around 6,000 square feet space at BHBFC Bhaban, the official said.
‘We hope that it will be possible to complete the process within January next year to start the special tribunal,’ another BSEC high official told New Age.
He also said that of the total number of pending cases, the special tribunal will deal with around 40 cases which are related to the Code of Criminal Procedure.
The BSEC official earlier in March this year had told New Age that BSEC was trying to set up the tribunal within May.
According to statistics available with the BSEC, the number of cases filed by and against the commission rose to 429 till June 30, 2013. The number was 52 in 1999.
A total of 17 cases filed by the BSEC related to stock market scams, 15 related with the 1996 stock market scam and two cases with the 2010-11 market crash.
The lower court in April this year vacated two cases relating to the 1996 stock market scam due to procedural mistakes by BSEC in filing the cases.
The lawyers of BSEC suspect that all 13 cases relating to the 1996 stock market crash may face the same fate.
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 responded to the BSEC saying it would not be possible to allocate space to the tribunal at the CMM Court due to lack of availability. The ministry asked the BSEC to arrange space for the tribunal on its own.
-With New Age input
