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Strong policy advocated for stable stock market

Md Helal Uddin Nizami, the newly appointed member of Securities and Exchange Commission, stressed on reforming policy to restore investors’ confidence in the stock market. He also a teacher of the department of Accounting and Information System of Chittagong University, joined office 4 May formally.“To regain the past glory of the market regulator it needs to change its policies and remove lack of coordination instead of changing persons,” said Nizami.
He also said there are some loopholes in the existing policies which barred to develop a sustainable capital market.He also said he, along with his fellows, would try to restore investor’s confidence through the implementation of government immediate, midterm and long term steps.He however told the journalists that there is political pressure in every organisation but moral strength would help to work beyond those pressures.
The government on 2 May appointed him as a member of the SEC for next three years under provision of 5(2) of SEC law on the condition of leaving working relation with any organisation.
The SEC consists of five-member commissions, including one designated as Chairman and the rest as full time members.Earlier, the finance ministry asked Yasin Ali to resign and he was also asked verbally to step down on 4 May.
The government formed a probe body to investigate into the recent stock market debacle headed by Khondker Ibrahim Khaled.
The body submitted probe report on April 7 to the finance ministry. The probe recommended restructuring the SEC.Finance Minister Abul Mall Abdul Muhith on April 30 made the report public and declared some steps to bring back capital market on right track in line with probe reports.
As a pert of the recommendations, the government decided to appoint SEC members and its chairman.
The SEC is expected to get another member and chairman soon as the government is on search for skilled persons eligible for the posts.

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