BSEC chairman warns against market manipulation

Bangladesh Securities and Exchange Commission Chairman Shibli Rubayat-Ul-Islam on Saturday warned that no one will be spared if they try to manipulate the stock market.

The SEC chairman came up with the cautionary note while addressing a virtual discussion organised by Innovation and Development Associates with a view to establish the stock market as a source of long-term investments

“How much money are under their possessions, hundred crore or thousand crore, no matter, we are giving power to the ICB 10 times higher than that of their wealth,” the SEC chairman said.

“No one will be able to take advantage by playing games in the stock market as we will catch them on the spot,” Shibli said in the virtual discussion.

The stock market plunged into a serious debacle in 1996 and 2010 as people did not have enough knowledge about the capital market like the present situation, he said.

People used to exchange their shares through papers at that time but now the situation has changed as the exchange of share is being continued under IT platforms of the CCBL, CDBL and Dhaka Stock Exchange, he said.

“Our service software is now very stronger than the past. We are working to stop the manipulation in the stock market,” the SEC chairman said.