FE Report

The newly appointed chairman of the Securities and Exchange Commission (SEC) Md Ziaul Haque Khondker vowed to make the stock market more effective and well regulated.

"The first and foremost priority of my task is to create a congenial atmosphere in the market so that people-both investors and entrepreneurs -- can feel free to invest," he said while talking to reporters Monday after taking over the reins of the capital market watchdog as its head.

Asked on the fate of the much-talked about largest ever Grameenphone (GP)'s initial public offering (IPO) waiting for the commission's approval, Zia said, "Any decision taken on the GP issue will protect the interest of all."

"However, we need to carry out more study on the GP issue," he added.

The country's largest mobile phone operator submitted its final application for IPO with the total size of US$65 million (Tk 449 crore) with the SEC on December 11 last year.

Zia, who obtained his Masters degree from the Dhaka University in 1974, is the first chairman of the commission who began his career in the capital market as a research officer in the state-owned Investment Corporation of Bangladesh (ICB) in 1977.

"This is the new beginning of my 30-year career as a regulator. Of course, the role as a regulator is different from the role I played so far in my stock-market related long career," he said while replying to a question.

"However, this is a great opportunity for me to create something new, as I will be able to integrate my past experience with the new," he added.

"More investment-friendly stock market will be ensured for both the investors and entrepreneurs. So that an investor feels comfortable to invest and an entrepreneur encouraged to raise fund from the market," he added.

The new SEC boss, appointed for a three-year term as its seventh chairman, has underscored the need for flow of quality shares to the market to help stabilise it.

"Supply of the quality stocks is required right at this moment, as the investors are showing renewed interest in the market," he said referring to the recent increase in the turnover.

The market was getting attention gradually and soon efficient and competent persons would be attracted to build up their careers in the stock market, he said when asked why efficient people had left the SEC.

Zia was appointed Sunday as the post of SEC chairman fell vacant with the expiry of the contractual appointment of Faruq Ahmad Siddiqi on March 19 last.

Prior to joining the commission, he opted for voluntarily retirement from the ICB as its managing director.