Law drafted to offer securities rules, ordinance in one act: BSEC

The Bangladesh Securities and Exchange Commission (BSEC) has drafted a law amalgamating the Securities and Exchange Ordinance, 1969 and the Bangladesh Securities and Exchange Commission Act, 1993 in order to offer both sets of rules in a single act.

The commission has sent the draft act to the task force committee for their opinion on the proposed rules.

All drafting activities are at the final stage, according to Md Ali Akbar, a commissioner of the BSEC.

To protect investors' interests and develop the capital market, there are currently two different substantive rules, which will be consolidated into a single act so that people can access both in one law, he said.

There will be no significant changes in the draft rules, except for the incorporation of some minor sections.

The Securities and Exchange Ordinance, 1969 was written in English, but the draft is written in Bangla for easy understanding by the general public, he said.

Akbar said he is hopeful of submitting the draft rules to the FID very soon.

Meanwhile, a meeting was held last month at the FID, where reform activities of several organisations under the finance ministry were discussed.