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 SEC to continue stepping up watch on two bourses

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Posts : 98
Join date : 2010-05-25

PostSubject: SEC to continue stepping up watch on two bourses   Wed Jun 02, 2010 12:08 am

FE Report

The securities regulator has said it will continue stepping up its surveillance of the country's two bourses, officials said.

The decision came after a commission meeting chaired by the Securities and Exchange Commission (SEC) chairman held Tuesday at the Commission building.

The SEC's decision in maintaining the surveillance ensued following the unrelenting rise of the market, which pushed up the benchmark index Tuesday to 6,152.38, which is all-time high.

Three SEC members and the executive director of the surveillance department were present at the meeting.

"The SEC is still concerned over the unrelenting rise of the capital market. That's why the SEC will continue its keen observation on the market," an SEC member said.

Last week, the two bourses broke one record after another after the government allowed conversion of high-priced shares into stocks face-valued at Tk 10 each.

Then the SEC dispatched two probes to find out the reason of the unusual rise of the market.

Finally, the SEC issued show-cause notices to three financial institutions including a bank for their financial crimes.
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