Stocks
Baseless Rumors Circulate Against BSEC Chairman to affect the Stock Market
In recent months, the volatility in the country’s stock market has started to ease, bringing some relief to investors. In the past week, investors in the stock market have seen their capital grow by over 3 thousand crore taka. Trading activity has also increased, with transactions exceeding 1 thousand 140 crore taka.
Simultaneously, all key economic indicators have shown an upward trend, crossing last week’s threshold. When investors began to see the light of hope, a disruptive element emerged in the stock market, causing a significant downturn. A rumor mill has been churning out various speculations about this within social media groups dedicated to stock market discussions. The Chairman of the Bangladesh Securities and Exchange Commission (BSEC), Professor Shibali Rubayat-ul-Islam, has become the focal point of these speculative narratives. These rumors are being disseminated through various Facebook-based stock market groups. This information has been gathered from reliable sources.
According to sources, the United States State Department has announced a new visa policy. In an announcement on Friday (September 22) evening, Matthew Miller, the spokesperson for the US Department of State, revealed this information. The United States has declared this new visa policy with the aim of ensuring a free, fair, and peaceful national election in Bangladesh. The policy mentions the possibility of imposing visa restrictions on individuals and entities associated with institutions related to Bangladesh’s upcoming 12th National Parliament election. It’s important to note that no one in Bangladesh’s stock market is directly involved in election management. Therefore, analysts believe there is no likelihood of the visa policy being applied to the Bangladesh Securities and Exchange Commission (BSEC) or its personnel.
It is known that, even though the spokesperson of the US Department of State did not mention any individual’s name, false information is being spread through various fake Facebook accounts, causing confusion. Within this context, a deceptive cycle is spreading rumors about the Chairman of the BSEC (Bangladesh Securities and Exchange Commission) through a fake account by the name of “Jamil Ahmod.” This account claims that Professor Shibali Rubayat-ul-Islam’s American visa has been canceled, alleging that he has lost her entry privileges to the United States. However, when the United States imposes a visa restriction on someone, they do not disclose the person’s name, but they are privately notified. Therefore, this matter is considered entirely baseless and a product of misinformation by those involved.
In the comments section of Jamil Ahmod’s post, there are mixed reactions. A person named Jahirul Islam Jahi commented, “Why did he engage in election tampering?” Another individual with the name Al Riad remarked, “Fake. He will never come under its purview.” Someone named Shahjahan added, “Completely false and baseless gossip, and motivated by ill intentions. Prof Rubaiyat has no knowledge of elections whatsoever.” Additionally, several comments on the post have criticized and condemned those spreading gossip and misinformation, drawing the attention of law enforcement agencies to their actions.
It is known that on May 24th, the United States announced a new visa policy with the goal of ensuring a free, fair, and peaceful national election in Bangladesh. On that day, US Secretary of State Antony Blinken stated in a press release that under the new policy, the United States will not grant visas to individuals or entities in Bangladesh responsible for obstructing or interfering with the democratic election process. Yesterday, the spokesperson for the US Department of State, Matthew Miller, clarified that the visa policy encompasses law enforcement agencies, powerful groups, and members of opposing parties.
Primarily, the United States has announced a visa policy aimed at ensuring a free, fair, and peaceful national election in Bangladesh. According to statements from Antony Blinken and Matthew Miller, this policy will restrict the issuance of US visas to individuals and entities in Bangladesh who are responsible for obstructing or interfering with the democratic election process. It’s important to note that Bangladesh’s stock market or its regulatory authority has no direct involvement in the country’s elections. Therefore, it is believed by market stakeholders that neither the Chairman of the Bangladesh Securities and Exchange Commission (BSEC) nor any individuals or organizations associated with the stock market will be affected by the US visa restrictions.
Regarding this matter, when asked, Bangladesh Merchant Bankers Association (BMBA) President Md. Sayadur Rahman told Orthosongbad that if there is no reliable information, these are rumors. BSEC has nothing to do with elections. BSEC is not a direct organization of the government. BSEC is not involved in elections or operational issues of the government. So why should they be brought under the visa ban? It seems to me, it is a completely rumor. Investors should not panic over these rumors and invest based on proper information.
Also inquiring about this from Abdur Razzak, General Secretary of Bangladesh Capital Market Investors Oikya Parishad, told Orthsoongbad that he does not think the US visa policy will be applied to the BSEC chairman. Because he is not an official of any organization related to the election of the country. It is possible that some individuals are spreading such gossip for their own interests.
The leader of the Investors’ Council also stated that regardless of who holds the position of BSEC Chairman, whether they are a practitioner, educator, or anyone else, no one can perform their duties one hundred percent correctly. However, at present, the person holding the position of BSEC Chairman is performing well.
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.
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.
Dhaka Stock Exchange DSE, Bourse on the first working day of the week, December 3, ended with price Index hikes & turnover drops. This information is known from DSE sources.
349 crore 1 lakh shares were traded on this day. 39 crore 47 lakh less trading was done in DSE today compared to the previous workday, 30 November, Shares worth Tk 388 crores 69 lakh shares were traded last time, Thursday.
The benchmark DSEX added 8.91 points or 6,231 The Shariah-based index DSES gained 2.12 points or 1,355, and the blue-chip index DS30 increased by 0.15 points or 2,108.
Of the issues traded, 93 advanced, 48 declined and 181 remained unchanged.
Khulna Printing & PAckaging Limited ranked top gainer on DSE, the share price increased by Tk 2.70 paisa or 10.00 percent. On this day, the share was last traded at Tk 29.70 paisa.
Zeal Bangla Sugar Mills Limited ranked top loser on the DSE, the share price dropped by Tk 8.40 paisa or 5.53 percent. On this day, the share was last traded at Tk 143.40 paisa.
DSE topped on trade is Emerald Oil Indutries Limited 18 crore 20 lakh takas of shares of the company have been traded.
A total of 46 companies’ shares were traded in the Block on the Dhaka Stock Exchange, 34 lakh 27 thousand 167 shares of the companies were traded. The financial value of which is 16 crore 70 lakh taka.
