The regulatory agency Bangladesh Securities and Exchange Commission (BSEC) has deemed the recent, persistent downward trend in the capital market to be unusual and suspicious. In order to safeguard investors’ interests, the commission has declared that an investigation into the matter is required. Consequently, a four-person inquiry committee has been established to look into the causes of the capital market’s recent decline. The established investigating committee has been instructed by BSEC to provide a report on this matter within 15 working days.
An order was issued in this regard was notified of this by representatives of the relevant BSEC department.
Central Depository Bangladesh Limited (CDBL), the Chittagong Stock Exchange (CSE), and the Dhaka Stock Exchange (DSE) have all been notified of the investigation.
Deputy Director Muhammad Orisul Hasan Rifat, DSE Assistant General Manager Mahfuzur Rahman, CDBL Assistant Manager Kazi Minhaj Uddin, and BSEC Additional Director Mohammad Shamsur Rahman comprise the newly established investigative committee.
According to market research, Khandaker Rashed Maqsood, the head of the regulatory agency BSEC, assumed control of the capital market during the July–August upheaval last year, which resulted in a change in governmental power. On August 19, the DSE’s primary DSEX index stood at 5775.49 points. Despite the fact that he has been on the job for eight months, the capital market dynamics have not changed. Rather, irate investors took to the streets to protest and hold human chain programs.
The DSE DSEX index fell to 4,952.79 points on Monday (April 28). As a result, the DSEX index has fallen by 822.70 points in about 8 months.
In such a situation, the investigation committee formed by the BSEC will investigate the reasons for the recent downward trend in the capital market. It is reported that it will be investigated whether there is any manipulation ring involved in this and whether conspiratorial rumors have been spread in the market.
BSEC has observed a downward trend in the capital market in the recent past, which is considered unusual and suspicious. Therefore, the commission considers it necessary to investigate the matter in the larger interest of the capital market and general investors. In continuation of this, the commission has ordered an investigation into the matter in question under the powers conferred by Section 21 of the Securities and Exchange Ordinance, 1969 (Ordinance No. XVII of 1969) and Section 17(a) of the Bangladesh Securities and Exchange Commission Act, 1993 (Act No. 15 of 1993). Four officers from BSEC, DSE and CDBL have been appointed to conduct the investigation. The officers of the formed investigation committee will complete the investigation within 15 working days from the date of issuance of this order and submit a report to the commission.
determining the causes of the DSEX index’s recent drop. determining who is responsible for circulating misinformation in the marketplace. determining whether there are any more relevant issues. The investigating group that was established will offer suggestions to boost investor trust.
“An investigative committee has been constituted to explore the reasons for the current negative trend in the capital market in the interest of investors,” BSEC Director and Spokesperson Md. Abul Kalam told Risingbd.com in response to a question about the matter. The established inquiry committee will look into the causes of the market’s declining tendency. Additionally, the investigative committee will offer suggestions on how to boost investor confidence at the same time.
