B Mirror Report : The stock-dealer and broker registration of Beximco Securities Limited, a member of the country’s premier bourse, the Dhaka Stock Exchange (DSE), expired on June 8 this year. However, the company has still been unable to renew the certificate. The reason is that Bangladesh Securities and Exchange Commission (BSEC) has imposed a lifetime ban on Salman F Rahman, who sits on the company’s board. The commission has recently sent two letters to the DSE regarding this matter.

According to BSEC sources, action has been taken against Salman F Rahman over allegations of irregularities, fraud, and money laundering in the capital market. Following these allegations, he was declared permanently banned through two separate decisions on June 30 and September 3. As a result, Beximco Securities’ stock-dealer and broker license renewal has been suspended, and the company’s share trading activities are currently halted.

As per regulations, the renewal application must be submitted 30 days before the certificate expires. Any delay incurs a daily fine of Tk 2,000. But as Beximco Securities applied for renewal 94 days late, the company now faces a penalty of Tk 188,000.

The board of Beximco Securities comprises two entities—Beximco Holdings and SS Exports. Since Salman F Rahman sits on the board as a representative of Beximco Holdings and is currently in prison, the company has been unable to hold board meetings. Citing this reason, he has not yet been removed from the board. According to related sources, the issue could have been resolved long ago if it had been presented before the court.

Stock market analyst and economist Professor Abu Ahmed believes that an entire institution should not be rendered inactive because of one individual, as it harms many employees. In his opinion, the accused person can be removed from management while keeping the institution operational; however, strict oversight is necessary to ensure no irregularities occur under the influence of that individual.

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