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The Financial Express

SEC chairman warns against market manipulation

| Updated: January 17, 2021 09:39:34


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SEC chairman warns against market manipulation

Shibli Rubayat-Ul-Islam, chairman of Bangladesh Securities and Exchange Commission, has warned against market manipulation, saying that anyone trying to play dirty will get caught easily.

“If someone tries to play foul in the market, how much money will they have? One billion, 10 billion? We are giving the ICB 10 times as much power so that no one can make a profit by playing tricks in the market,” he said, reports bdnews24.com.

“If someone tries to do it, we will catch them right away,” Rubayat-Ul-Islam said at a virtual discussion organised by Innovation and Development Associates on Saturday on ways to establish the stock market as a source of long-term investments.

Kazi M Aminul Islam, former executive chairman of Bangladesh Investment Development Authority, moderated the first event of the platform formed by a group of former secretaries.

After hearing from all participants, the SEC chief said that people had meagre knowledge of the market when it suffered debacles in 1996 and 2010, noting that the investors had to carry documents to Motijheel for transactions.

“Things have changed. Now everything is done on the IT platforms of CCBL, CDBL and Dhaka Stock Exchange. Our surveillance software is much more intelligent.”

They are using the latest version of the surveillance software from Sweden, according to him. “We can detect any wrongdoing.”

He said the SEC had earlier disclosed the steps taken to prevent manipulation, but stopped revealing the information to the media because it created panic.

“We now summon the cheats to the commission and talk to them. We do everything possible to keep them away from these activities,” Rubayat-Ul-Islam said.

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