The Financial Institutions Department of the Ministry of Finance has asked the Bangladesh Securities and Exchange Commission (BSEC) to refrain from taking any decision related to the stock market without the commission meeting.

The Ministry of Finance issued this directive on Sunday (August 11) following a single order issued by BSEC Chairman Prof. Shibli Rubaiyat Ul Islam from outside the office on Thursday (August 8) to release the floor price of 6 shares.

Earlier, Professor Shibli Rubayet-ul-Islam bypassed the commission meeting and made many decisions affecting the market. But there is no precedent or custom for the chairman to make a single decision other than the commission meeting on important decisions that affect the market. But outgoing chairman Shibli has taken Rubaiyat, which has been criticized in the finance ministry on Sunday, a reliable source said.

Earlier, Prof. Shibli Rubayat was criticized by stock market participants for issuing orders on his own accord bypassing democratic practices. His orders widened the path of manipulation and irregularities in the stock market.

It is to be noted that last Thursday afternoon, Shibli Rubaiyat Islam issued instructions from the secret hideout that the floor price will be withdrawn from Beximco, Khulna Power, and Shahjibazar Power from Sunday, August 11. From Wednesday, August 14, the floor price will be withdrawn in BSRM Limited, Islami Bank, and Meghna Petroleum.

None of the commission members were aware of this. The chairman did not have any discussion with them. It is alleged that Shibli Rubaiyat hastily made this decision to create an opportunity for villain Salman F Rahman to sell shares in the stock market even from a secret hideout. The issue was not taken seriously by the Finance Ministry. That is why the Commission has issued this new directive on BSEC not to take any market-related decisions without the meeting.

Source: BSEC.