POST TIME: 17 February, 2018 00:00 00 AM
Strategic partner selection for dse
TIB criticises ‘illegal BSEC interference’
Staff Reporter

TIB criticises ‘illegal BSEC interference’

Transparency International Bangladesh (TIB), the Bangladesh chapter of global anti-graft watchdog, yesterday criticised the alleged attempts of the Bangladesh Securities and Exchange Commission (BSEC) to illegally interfere in the foreign strategic partner selection process of the country’s prime bourse - Dhaka Stock Exchange (DSE). TIB, in a media statement yesterday, also said that a certain Indian firm is attempting to interfere with the selection process. The organization urged the BSEC to refrain from interfering in the matter, and select the candidate organization that came out on top in the strategic partner selection process and called upon the government to ensure that the DSE be run in accordance with existing rules and regulations. TIB Executive Director Dr Iftekharuzzaman, in the statement, said, “BSEC’s illegal attempt to influence the partner selection process is both unexpected and distressing. The commission should not act against the interests of the DSE, and must not collaborate or be influenced by another entity.”

TIB said it would be a clear violation of the law if the highest bidder is not chosen as the strategic partner for DSE, which would surely raise questions in both the foreign and the domestic sectors. The current debacle over selecting a strategic partner has also raised uncertainty and unrest among DSE investors and shareholders, it added.

The TIB also called upon the authorities concerned to blacklist the organization that is trying to influence the selection process, and to ensure that BSEC officials involved with the illegal interference be held accountable for their actions. “The aim of the foreign strategic partnership plan is to further develop the stock market through an organization that possesses modern equipment and necessary technical skills, Dr Iftekharuzzaman said, adding that the initiative for stock exchange demutualization was recommended by the probe body, following the share market crash of 2010.

 “Only a qualified and reputed foreign organization, that bid the highest, should be chosen as a strategic partner, and shares should be sold to the firm as per regulations,” it said. The TIB also urged the authorities concerned to investigate whether a certain quarter was trying to repeat history by crashing the share market again through the illegal interference and market manipulation.