The Bangladesh Securities and Exchange Commission (BSEC) has asked the Dhaka Stock Exchange (DSE) to explain its “non-compliant” recommendation for renewing the stockbroker and dealer licences of Monarch Holdings Limited, a brokerage firm co-founded by renowned cricketer and former lawmaker Shakib Al Hasan.
The decision was taken at the commission’s meeting today (28 July), chaired by BSEC Chairman Masud Khan.
According to a BSEC press release, the regulator found that the DSE issued a positive recommendation for renewing Monarch Holdings’ licences without properly completing the procedures required under the Securities and Exchange Commission (Stock-Dealer, Stock-Broker and Authorised Representative) Rules, 2000.
The commission said the DSE’s recommendation, made without the required information, violated the rules and reflected a failure to discharge its regulatory responsibilities. It also noted that when the BSEC later sought clarification, the DSE submitted the required form but did not state whether it supported or opposed the renewal of the firm’s licences.
The BSEC has directed the premier bourse to explain why it failed to provide a clear recommendation in accordance with the law. It has also been asked to submit, within five working days, a fresh recommendation supported by comprehensive data analysis and regulatory assessment.
Monarch Holdings’ managing director is Kazi Sadia Hasan, wife of controversial investor Abul Khayer Hiru.
About The Author
