2024-09-03 16:17:35
The regulatory body Bangladesh Securities and Exchange Commission (BSEC) has formed a five-member ‘Inquiry and Investigation Committee’ headed by Zia U Ahmed to stabilize the capital market, protect investors’ interests and restore investor confidence. The committee formed will investigate the irregularities, manipulation and corruption of the capital market in the past.
This decision was taken in the 918th commission meeting held under the chairmanship of BSEC Chairman Khandkar Rashed Maqsood on Sunday (September 1). This information was informed through a press release signed by BSEC Director and Spokesperson Farhana Farooqui.
According to the notification, in today’s commission meeting, with a view to the stability of the capital market, protection of investors’ interests and restoration of investors’ confidence in the capital market, to inquire and investigate the irregularities, manipulation and corruption of the past in the light of the relevant laws and regulations, Section 21 of the Securities and Exchange Ordinance, 1969. And under the powers conferred by Section 17A of the Bangladesh Securities and Exchange Commission Act, 1993, a decision was taken to form an ‘Enquiry and Inquiry Committee’ consisting of five persons headed by Zia U Ahmed.
The members of the formed committee are – Founder Chairman of Terra Resources International and Consultant Zia U Ahmed, Financial Sector Specialist Yawar Said, Former Member of National Board of Revenue (NBR). Shafiqur Rahman, Bangladesh Supreme Court Deputy Attorney General Barrister Md. Jishan Haider and executive director of BSEC. Anwarul Islam. The investigation and investigation committee will complete the investigation and investigation activities within 60 days in the first phase and submit the report to the commission. The Commission may induct new members into the inquiry and investigation committee as necessary. The Commission shall provide necessary assistance to the Inquiry and Inquiry Committee.
The ‘Committee of Inquiry and Inquiry’ will look into—
Inquiring and investigating all matters relating to the Beximco Green-Sukuk Al Istisna issue.
Investigation and investigation of all matters related to IFIC Granted Sherpur Township Green Zero Coupon Bond Issue.
Investigation and investigation of all matters related to approval/nomination of Bashundhara Group company ABG Limited as strategic partner or strategic investor of Chittagong Stock Exchange PLC (CSE), allotment of shares/acquisition of shares and pricing.
Investigation and investigation of all matters related to IPO approval and issue of Best Holdings Limited.
Investigating and investigating all matters related to Al-Amin Chemical Industries including capital market irregularities and manipulation, block market share acquisition manipulation and compliance with conditions imposed by Bangladesh Securities and Exchange Commission for transfer from OTC to SME platform.
All the irregularities and manipulations in the capital market relating to Sonali Paper and Board Mills Limited and the irregularities related to the re-listing of the company from the over-the-counter (OTC) market to the main board of the Dhaka Stock Exchange (DSE) in 2020 and against the individuals and institutions involved in the abnormal increase in the share price of the company. Search and investigation.
Investigation and investigation against individuals and institutions involved in all capital market irregularities and manipulations related to Fortune Suz Limited, irregularities in distribution of dividends to investors and increase in share price of the company.
Investigation and investigation into raising of capital through private and public offer of Ring Shine Textiles Limited and exaggerating annual financial reports by overstating sales and money transfer/laundering through bank accounts.
Investigating and investigating all the irregularities and manipulations of the capital market related to Akmi Pesticides Limited, irregularities in distribution of dividends to investors and irregularities in payment of debt to National Finance from the money raised through IPO.
Investigation and investigation of all capital market irregularities and manipulations related to Quest BDC Limited (formerly Padma Printers and Colors Limited).
Investigating and investigating all irregularities and manipulations of the capital market related to Coppertech Industries Limited.
Investigation and investigation into acquisition/transfer of shares of Emerald Well Industries Limited, supply of price sensitive information, abnormal price increase in secondary market and all related capital market irregularities and manipulations.