Bangladesh Securities and Exchange Commission (BSEC) has fined several investors and institutions for their involvement in share manipulation.
However, BSEC affirmed, that the stock market has found evidence that the world’s best all-rounder Shakib Al Hasan, the goodwill ambassador of the capital market and investment education program, is not involved in this manipulation.
According to sources, the name of Shakib Al Hasan and his organization came in the report of the investigation committee formed to find those involved in the manipulation of several companies. However, Shakib and his company have been cleared of involvement in share manipulation.
According to the commission, many people are put on the suspect list for gathering information during the investigation process. But not all of them will be involved in manipulation. By multiple checks, those actually involved in share manipulation. They have been identified and fined. And the investigation has proved that some people including Shakib Al Hasan are not involved in share manipulation.
BSEC Executive Director and Spokesperson Mohammad Rezaul Karim told that a preliminary list was prepared of those who bought a certain amount of shares. Shakib Al Hasan’s name was there. But according to this preliminary list, when the investigation was conducted, Shakib Al Hasan’s involvement in the share manipulation was not found, so he was exonerated.
In response to a question, the spokesperson of BSEC said that Shakib Al Hasan is the goodwill ambassador of BSEC. Many media have presented news involving Shakib Al Hasan to gain readers. However, his involvement in share manipulation was not found in the investigation.
Meanwhile, Shakib’s family and the Bangladesh Cricket Board (BCB) are also embarrassed by the news of his involvement in the rigging. On Tuesday, September 13, Nazmul Hasan Papon addressed the media regarding the tri-series and T20 World Cup team plans in Mirpur. BCB boss was ‘shocked’ after hearing questions about Shakib’s involvement in share manipulation. He said, ‘What do you say! I do not know about this. Since it is not with cricket, now what do I do? I don’t know about this. If it was with cricket then there was talk.
It should be noted that BSEC nominated the world’s best all-rounder Shakib Al Hasan as a brand ambassador in September 2017 to enhance the image of the country’s capital market and inspire investors. The International Organization of Securities Commission (IOSCO) has requested to take famous politicians, professionals, sportspersons or celebrities of the country as goodwill ambassadors.
As part of this, the commission took Shakib Al Hasan as a goodwill ambassador. As a goodwill ambassador, he also invested in the capital market as he was eager to carry out the responsibility of a nationwide investment education program. Recently he bought the license of a share trading house called Monarch Holding. This is how Shakib got involved in the share business.
According to BSEC information, various individuals and their associates manipulated the share prices of 7 companies from mid-last year to March this year. Ordinary investors suffered huge losses. The investigation revealed that the manipulation circle made a profit of Tk 137 crore through these shares. Considering the overall aspect, the BSEC fined the accused person and their associates Tk 10 crore 89 lakh.
Dhaka Bourse Continues Positive Trend
Dhaka Stock Exchange DSE, Bourse on the third working day of the week, December 5, ended with price Index hikes & turnover drops. This information is known from DSE sources.
460 crore shares were traded on this day. 31 crore 78 lakh less trading was done in DSE today compared to the previous workday, 4 December, Shares worth Tk 491 crores 78 lakh shares were traded last time, Monday.
The benchmark DSEX added 3.16 points or 6,247 The Shariah-based index DSES gained 1.79 points or 1,359, and the blue-chip index DS30 decreased by 0.65 points or 2,113.
Of the issues traded, 60 advanced, 94 declined and 170 remained unchanged.
Capitec Grameen Bank Growth Fund ranked top gainer on DSE, the share price increased by Tk 1.10 paisa or 10.00 percent. On this day, the share was last traded at Tk 12.10 paisa.
GQ Ball Pen Industries Limited ranked top loser on the DSE, the share price dropped by Tk 13.20 paisa or 7.51 percent. On this day, the share was last traded at Tk 162.60 paisa.
DSE topped on trade is Central Pharmaceuticals Limited 25 crore 58 lakh takas of shares of the company have been traded.
A total of 62 companies’ shares were traded in the Block on the Dhaka Stock Exchange, 41 lakh 30 thousand 415 shares of the companies were traded. The financial value of which is 18 crore 12 lakh taka.
Dhaka Bourse Sustains Winning Streak
Dhaka Stock Exchange DSE, Bourse on the second working day of the week, December 4, ended with price Index & turnover hikes. This information is known from DSE sources.
491 crore 78 lakh shares were traded on this day. 142 crore 77 lakh more trading was done in DSE today compared to the previous workday, 30 November, Shares worth Tk 349 crores 1 lakh shares were traded last time, Sunday.
The benchmark DSEX added 12.45 points or 6,244 The Shariah-based index DSES gained 1.92 points or 1,357, and the blue-chip index DS30 increased by 5.69 points or 2,114.
Of the issues traded, 107 advanced, 49 declined and 169 remained unchanged.
Bangladesh Autocars Limited ranked top gainer on DSE, the share price increased by Tk 13.10 paisa or 9.95 percent. On this day, the share was last traded at Tk 144.70 paisa.
Jute Spinners Limited ranked top loser on the DSE, the share price dropped by Tk 13.50 paisa or 4.13 percent. On this day, the share was last traded at Tk 313.10 paisa.
DSE topped on trade is Khulna Printing and Packaging Limited 27 crore 24 lakh takas of shares of the company have been traded.
A total of 54 companies’ shares were traded in the Block on the Dhaka Stock Exchange, 37 lakh 64 thousand 536 shares of the companies were traded. The financial value of which is 28 crore taka.
BSEC Undergoes Major Restructuring
The Bangladesh Securities and Exchange Commission (BSEC) has undergone significant restructuring, bringing about substantial changes in the responsibilities of officials from commissioners to assistant directors. According to BSEC sources, this restructuring involves the reassignment of two commissioners, four executive directors, eight directors, two additional directors, and eight assistant directors to different departments.
As per BSEC, Professor Dr. Sheikh Shamsuddin Ahmed, the Commissioner has been assigned the responsibility of the Division of Issuer Companies Affairs, Corporate Finance, and Financial Literacy Division within the Market and Intermediaries Affairs Division. On the other hand, the Chief Accountant Division’s responsibility has been given to another BSEC Commissioner, M. Abdul Halim.
Additionally, Abdul Halim has been entrusted with the Market Intelligence and Investigation Division and Derivatives Division. Meanwhile, he will also oversee the duties of the Chief Accountant Division. BSEC Chairman Professor Shibli Rubayat-Ul-Islam will directly oversee the Administration and Finance Division and the Commission’s Secretariat Division.
Mohammad Anwarul Islam, the Executive Director of BSEC, has been assigned the responsibilities of the Derivatives and Research and Development Divisions. Simultaneously, he will be responsible for the Investment Management Division. Executive Director Mohammad Rezaul Karim will oversee the responsibilities of the Compliance Division in addition to his existing role in the Legal Division. Executive Director Mohammad Shafiul Azam has been assigned to the Financial Literacy Division. Executive Director Mohammad Jahangir Alam has been given charge of the Market and Intermediaries Affairs Division. Besides, the responsibilities of eight directors, two additional directors and eight assistant directors of BSEC have been redistributed.
BSEC Secretary Division’s responsibilities have been assigned to Director General Muhammad Mahmudul Haque. Director General Pradip Kumar Basak will continue to oversee the responsibilities of the Administration and Finance Division, with additional duties in the Accounts and Finance Department. Director General Mohammad Abul Kalam will manage the responsibilities of the Division of Issuer Companies Affairs, alongside his role as the Chief Accountant of the Division. Director General Md. Mansoor Rahman has been assigned the responsibility of the existing Issuer Company Affairs Division as well as the Market and Intermediaries Affairs Division. Director Mohammad Abul Hasan has been given the responsibility of the Investment Management Division and Derivatives Division.
The Division of Derivatives and the Derivatives Division will be led by Director General Sheikh Mahbubur Rahman. Furthermore, Director General Abu Rayhan Mohammad Mutasim will be in charge of the Internal Audit and Compliance Division, in addition to his role in the Research and Development Division. Director General Mohammad Fakhrul Islam Mojumdar will assume responsibilities for the Corporate Finance Division and the Enforcement Division. Lastly, Director General Mohammad Fakhrul Islam Majumder will head the Corporate Finance Division and the Enforcement Division.
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