Director of DSE, orders investigation into share market manipulation

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Director of DSE, orders investigation into share market manipulation

Dhaka Stock Exchange (DSE) independent director Professor Dr. The Ministry of Finance has ordered an investigation in view of allegations of share manipulation against Abdullah Al Mahmud.

The Ministry of Finance has asked to take action against Abdullah Al Mahmud based on the report after completing the investigation within 30 working days. At the same time, he has been ordered not to perform the duties of the director of DSE during the investigation.

A letter in this regard from the Financial Institutions Department of the Ministry of Finance has been sent to the Chairman of Bangladesh Securities and Exchange Commission (BSEC). Deputy Secretary Farida Yasmin signed this letter on June 25.

A national daily recently published news headline ‘DSE’s director is in share manipulation, the keeper is the eater’. In view of that, the investigation was ordered from the ministry.

According to the letter from the Financial Institutions Department, the report entitled “DSE’s director is in share manipulation, the keeper is the eater” mentions that “Dhaka Stock Exchange’s influential member of the board of directors, Professor Dr. Abdullah Al Mahmud transacted shares of 13 crore 15 lakh taka in 3 BO accounts through manipulation in violation of the rules.

And it is said that he has committed three crimes through this work. First, he took advantage of the board of the stock exchange by trading shares illegally and unethically, second, he took advantage of the shares of most of the companies that were punished for rigging and third, the companies that were taken over by breaking the board with the help of the regulatory body. From all of them, he has profited by trading shares knowing the information in advance.

Bangladesh Securities and Exchange Commission to investigate the allegations published under the Securities and Exchange Ordinance, 21, 1969 within the next 30 working days and take action based on the investigation report.

Dhaka Stock Exchange (DSE) Individual Directors Section 8 (2) (a), 8(2)(b), 8(2)(d), 8(3)(1) of Dhaka Stock Exchange (Board Administration) Resolution 2023 ) including BSEC and other laws, rules, regulations or instructions followed by Dhaka Stock Exchange and taking action according to the report.

For the sake of the investigation, during the investigation, the accused director of the Dhaka Stock Exchange, Professor Dr.  Abdullah Al Mahmud instructed him to abstain from his duties.

According to the Bangladesh Securities and Exchange Commission and Dhaka Stock Exchange investigation report, the Bangladesh Securities and Exchange Commission will immediately take necessary measures and inform the Financial Institutions Department.

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