The regulatory body Bangladesh Securities and Exchange Commission (BSEC) has formed an ‘Inquiry and Investigation Committee’ to investigate the past irregularities, manipulation and corruption in the capital market.
This committee of 5 members was formed in the 918th emergency commission meeting of BSEC on Sunday (September 1). BSEC Chairman Mr. Khandkar Rashed Maksud presided over the meeting.
This information was informed in a press release signed by BSEC Director and Spokesperson Farhana Farooqui.
There are five members in this committee – founding chairman of Terra Resources International and consultant Zia U Ahmed, financial sector specialist Yawar Said, former member of the National Revenue Board (PRL). Shafiqur Rahman, Bangladesh Supreme Court Deputy Attorney General Barrister Md. Zeeshan Haider and executive director of BSEC. Anwarul Islam.
According to the notification, the Commission meeting to inquire and investigate the past irregularities, manipulations and corruption in the light of the relevant laws and regulations, Section 21 of the Securities and Exchange Commission Ordinance, 1969 with a view to the stability of the capital market, the protection of investors’ interests and the restoration of investors’ confidence in the capital market. Under the powers given in Section 17 A of the Bangladesh Securities and Exchange Commission Act, 1993, the Bangladesh Securities and Exchange Commission has decided to constitute a ‘Committee of Inquiry and Inquiry’ under the leadership of Zia U Ahmed.
The inquiry and investigation committee has been instructed to complete the investigation and inquiry within 60 (sixty) days and submit the report to the commission.
The inquiry and investigation committee will investigate 12 matters in the first phase. They are – investigation and investigation of all matters related to Beximco Green-Sukuk Al Istisna issue; Investigating and investigating all matters relating to IFIC Guaranteed Sripur Township Green Zero Coupon Bond Issue; Inquiring and investigating all matters related to the approval/nomination of Bashundhara Group company ABG Limited as a strategic partner or strategic investor of Chittagong Stock Exchange PLC (CSE), allotment of shares/acquisition of shares and pricing; Inquiring and investigating all matters relating to the approval and issue of IPO (IPO) in respect of Best Holdings Limited; Investigating and investigating all matters related to Al-Amin Chemical Industries including capital market irregularities and manipulation, block market share acquisition manipulation and compliance with conditions imposed by Bangladesh Securities and Exchange Commission for transfer from OTC to SME platform; All the irregularities and manipulations in Pujibazar regarding Sonali Paper and Board Mills Limited and the irregularities related to the re-listing of the company from the over-the-counter (OTC) market to the main board of the Dhaka Stock Exchange (DSE) in 2020 and against the individuals and institutions involved in the abnormal increase in the share price of the company. Search and investigation.
Also, inquiry and investigation against individuals and institutions involved in all capital market irregularities and manipulations related to Fortune Suze Limited, irregularities in distribution of dividends to investors and increase in share price of the company; Investigating and investigating the raising of capital through private and public offers of Ring Shine Textiles Limited and exaggerating annual financial reports and overstating sales and money transfer/laundering through bank accounts; Investigating and investigating all the irregularities and manipulations of the capital market regarding Akmi Pesticides Limited, irregularities in distribution of dividends to investors and irregularities in payment of debt to National Finance from the money raised through IPO; Investigating and investigating all capital market irregularities and manipulations related to Quest BDC Limited (formerly Padma Printers and Colors Limited); This committee will inquire and investigate all the irregularities and manipulations of the capital market related to Coppertech Industries Limited and the acquisition/transfer of shares of Emerald Well Industries Limited, supply of price sensitive information, abnormal price increase in the secondary market and all the irregularities and manipulations of the capital market related to this.
The Commission may include new members in the inquiry and investigation committee as necessary. The notification informed that the Commission will provide necessary assistance to the inquiry and investigation committee
