The day of manipulation in capital market is over: BSEC

Professor Shibli Rubaiyatul Islam, chairman of the regulatory body Bangladesh Securities and Exchange Commission (BSEC), said the days of manipulation in the capital market were over. If anyone wants to play, we will catch him immediately.

“Those who want to do serial trading or do tricks, we call them now and call the commission,” he added. Talking to them, I am doing whatever is necessary to stop them from this activity.

Shibli Rubaiyatul Islam made the remarks at a virtual discussion organized by Innovation and Development Associates-IDEA on Saturday (January 16th). The main topic of discussion was how to build Bangladesh’s capital market as a source of long-term investment.

The chairman of BSEC said that no one will be able to cross the capital market now. If a man comes to the capital market to do mischief, how much money can he have? Hundreds of crores, thousands of crores? We are giving 10 times its power to ICB. So that no one can come to play and take any advantage. If anyone wants to play, we will catch him.

“We have asked for Tk 5,000 crore to strengthen the ICB,” he said. So if Bangladesh Bank or the banking sector has extra money, it can be used properly. Besides, we have calculated that there are about Tk 21 thousand crore of dividends and shares that have not been paid to the people. They had fallen in different places for so long. We are now bringing all of them to the ICB in the Market Stabilization Fund. This market stabilization fund will play an important role in stabilizing the capital market.

Sunbd/NJ