Dhaka, Oct 18 The government on Thursday approved a draft law on demutualisation to reduce influence of the owners on the management for greater transparency, efficiency and accountability of the stock exchanges.
The endorsement for the draft of 'The Exchanges (Demutualisation) Act-2012' came at a meeting of the Cabinet with Prime Minister Sheikh Hasina in the chair.
Cabinet Secretary Mohammed Musharraf Hossain Bhuiyan briefed reporters on the outcome of the meeting held at the PMO.
Bhuiyan said that the Cabinet in its previous meeting on Oct 9 had provisionally approved 'The Exchanges (Demutualisation) Act-2012' and asked the ministry to make a Bengali version of the law.
He said the law was "very important for the capital market" since it would separate the management of the stock exchanges from their ownership.
The proposed law stipulates that the chairman and majority members be chosen from independent directors and only 40 percent of sponsor-directors get involved with management.
Elaborating on the delegation of responsibilities for the capital market stakeholders, Bhuiyan said it will not happen suddenly. "It will be implemented gradually in five years."
The government moved to demutualise the stock exchanges following massive ups and downs in the capital market last year. The investigation committee on the alleged share market manipulation had also recommended separating the Board of Directors of the stock exchange and management authorities.
"The law has been formulated to ensure transparency, efficiency and accountability in the Securities and Exchange Commission," he added.
The Cabinet endorsed government holidays for the 2013 calendar year. In 2013, there will be 22 days of government holidays. But the public servants will enjoy 18 days as four days coincide with weekend holidays. In 2012, there were 16 days of government holidays.
The council of ministers also provisionally agreed the draft of the `National Integrity Strategy' that aims to build Bangladesh as `Sonar Bangla'. In order to implement the Strategy, there will be a National Integrity Advisory Committee headed by the Prime Minister.
Bhuiyan said Bangladesh is one of the signatories to the United Nations Convention Against Anti Corruption (UNCAC). "It's essential to have a strategy to eradicate corruption and ensure good practice at national level."
He said the aim of the strategy would be to make civil service more professional, the law enforcers more people-friendly and the executive wing more accountable to the people.
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