Gazette of Bangladesh

Extraordinary Issue
Published by Authority

Monday, December 10, 2012

National Parliament of Bangladesh

Dhaka, December 10, 2012/26 Agrahayan, 1419

The following Act passed by Parliament received the assent of the President on December 10, 2012/26 Agrahayan, 1419, and is hereby published for general information:

Act No. 45 of 2012

An Act to further amend the Securities and Exchange Commission Act, 1993

WHEREAS it is expedient and necessary to further amend the Securities and Exchange Commission Act, 1993 (Act No. 15 of 1993) to achieve the following objectives:

BE IT ENACTED AS FOLLOWS:—

1. Short Title and Commencement.—(1) This Act shall be called the Securities and Exchange Commission (Amendment) Act, 2012.

(2) It shall come into force immediately.

2. Amendment of the Full Title of Act No. 15 of 1993.—In the full title of the Securities and Exchange Commission Act, 1993 (Act No. 15 of 1993), hereinafter referred to as 'the said Act', the words 'Securities and Exchange Commission' shall be replaced by the words 'Bangladesh Securities and Exchange Commission'.

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Price: 8.00 Taka

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3. Amendment of the Preamble of Act No. 15 of 1993.—In the preamble of the said Act, the words 'Securities and Exchange Commission' shall be replaced by the words 'Bangladesh Securities and Exchange Commission'.

4. Amendment of Act No. 15 of 1993.—Throughout the said Act, the word 'Member' shall be replaced by 'Commissioner', the word 'Members' by 'Commissioners', the word 'Member' (object case) by 'Commissioner' (object case), the word 'Members' (plural) by 'Commissioners' (plural), and the phrase 'on the seat of Member' by 'on the seat of Commissioner'.

5. Amendment of Section 1 of Act No. 15 of 1993.—In sub-section (1) of Section 1 of the said Act, the words 'Securities and Exchange Commission' shall be replaced by the words 'Bangladesh Securities and Exchange Commission'.

6. Amendment of Section 2 of Act No. 15 of 1993.—In sub-section (1) of Section 2 of the said Act:

(a) In clause (a), the words 'Securities and Exchange Commission' shall be replaced by the words 'Bangladesh Securities and Exchange Commission';

(b) After clause (a), the following clause (aa) shall be added, namely:

"(aa) 'Commissioner' means a Commissioner of the Commission;"

(c) In clause (c), the words 'Securities and Exchange Commission' shall be replaced by the word 'Commissioner';

(d) Clause (d) shall be repealed.

7. Amendment of Section 3 of Act No. 15 of 1993.—In sub-section (1) of Section 3 of the said Act, the words 'Securities and Exchange Commission' shall be replaced by the words 'Bangladesh Securities and Exchange Commission'.

8. Amendment of Section 5 of Act No. 15 of 1993.—In sub-section (6) of Section 5 of the said Act, the words 'three years' shall be replaced by the words 'four years'.

9. Amendment of Section 8 of Act No. 15 of 1993.—In sub-section (2) of Section 8 of the said Act:

(a) After clause (a), the following two new clauses (aa) and (ab) shall be added, namely:

"(aa) Notwithstanding anything contained in any other law, request information and records related to bank accounts under investigation concerning securities transactions from the Bangladesh Bank, any bank, insurance and financial institution, statutory body or other authority;

(ab) With the prior approval of the Government, conclude agreements for cooperation and exchange of information related to securities with domestic and foreign authorities or organizations;"

(b) After clause (e), the following clause (ee) shall be added, namely:

"(ee) Regulation of the operations of the clearing corporation established for settlement of securities transactions including derivatives;"

10. Amendment of Section 9 of Act No. 15 of 1993.—In Section 9 of the said Act:

(a) In sub-section (1), the words 'from time to time issued directions' shall be replaced by the words 'based on the approved organizational structure';

(b) After sub-section (2), the following new sub-section (3) shall be added, namely:

"(3) The terms of employment regarding the salary, allowances, and other benefits of the officers and employees of the Commission under sub-section (2) may be determined in coordination with the salary, allowances, and other benefits payable to the officers and employees of the Bangladesh Bank."

11. Insertion of new Section 9A in Act No. 15 of 1993.—After Section 9 of the said Act, the following new Section 9A shall be inserted, namely:

"9A. Appointment of Advisors or Consultants.—The Commission may, with the prior approval of the Government, appoint such number of advisors or consultants as may be necessary, on such terms and conditions and for such period as may be determined by the Commission."

12. Amendment of Section 12 of Act No. 15 of 1993.—In Section 12 of the said Act:

(a) In sub-section (1), the words 'Securities and Exchange Commission' shall be replaced by the words 'Bangladesh Securities and Exchange Commission';

(b) After sub-section (3), the following sub-section (4) shall be added, namely:

"(4) Notwithstanding anything contained in sub-section (3), except for grants received from the Government, local authorities, or any other institution under sub-section (1), the funds received by the Commission may be spent for the internal needs of the Commission."

13. Amendment of Section 16 of Act No. 15 of 1993.—In Section 16 of the said Act, the words 'special directions' shall be replaced by the words 'special directions on policy matters from time to time'.

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14. Amendment of Section 18 of Act No. 15 of 1993.—After sub-section (2) of Section 18 of the said Act, the following two new sub-sections (2a) and (2b) shall be inserted, namely:

"(2a) Notwithstanding anything contained in any other law, no appeal under sub-section (1) of Section 21 or review under sub-section (5) or filing of any case or legal proceedings in any court against an order imposing a fine by the Commission under this Act or rules made thereunder shall be made without depositing 15 (fifteen) percent of the amount of the fine imposed by the Commission in a bank designated by the Commission.

(2b) If the fine imposed by the Commission under this Act remains unpaid, it shall be recoverable as arrears of land revenue."

15. Insertion of new Section 26A in Act No. 15 of 1993.—After Section 26 of the said Act, the following new Section 26A shall be inserted, namely:

"26A. Publication of English Translated Text, etc.—(1) After the commencement of the Securities and Exchange Commission (Amendment) Act, 2012, the Government may, if necessary, by notification in the Official Gazette, publish a reliable English text (Authentic English Text) of this Act.

(2) In case of conflict between the Bengali and English texts of this Act, the Bengali text shall prevail."

Md. Mahfuzur Rahman
Additional Secretary.

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Printed by Md. Abdul Barik (Deputy Secretary), Deputy Director, Bangladesh Government Printing Office, Dhaka.
Published by Abdur Rashid (Deputy Secretary), Deputy Director, Bangladesh Forms and Publications Office, Tejgaon, Dhaka. web site: www.bgpress.gov.bd

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