Inclusion of army official draws flak
The inclusion of an army man in an advisory council to the stockmarket arises as a controversy among market experts.
“There is no logic behind selecting a major general as a person or to represent an institution in the advisory council,” said Mirza Azizul Islam, the former finance adviser.
An army personnel who is an expert on capital market activities can be considered, he said. “But even then, he cannot be active in service and he has to be retired.”
“It is not an appropriate decision to keep a major general in the advisory council,” added Islam, also a former chairman of Securities and Exchange Commission.
The government formed the advisory council on Sunday with Finance Minister AMA Muhith as chief.
However, on Tuesday, the finance minister withdrew himself from the post. “It is an advisory council for me. So, I should not be its chairman.”
“I used to take informal advice from different experts on the market, but now I will take advice formally,” the minister said.
Other members of the council include M Farashuddin Ahmed, a former governor of Bangladesh Bank; Faruq Ahmad Siddiqi, a former SEC chairman; Anisul Haque, a senior advocate of the Supreme Court; a major general and a joint secretary of the finance ministry.
On being asked about the inclusion of an army personnel in the council, the finance minister told journalists yesterday at his secretariat: “So what? There are many army personnel involved in the stockmarket business.”
Announcing the formation of the council at a press briefing on Monday, SEC Chairman Professor M Khairul Hossain said the government formed the body to monitor the stockmarket and make recommendations on it.
Prof Mahmood Osman Imam, who teaches finance at Dhaka University, said: “I do not find any logic behind why the government selected a major general as a member on the advisory council.”
“It is illogical, and it is clear to us which community the government is representing,” he said.
He said, “For example, Faruq Ahmad Siddiqi was a former SEC chairman and M Farshuddin Ahmed was a former central bank governor -- these can be understood. But, why a major general, it is not clear.”
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