Bangladesh Securities and Exchange Commission (BSEC) has imposed fines totalling Tk1,497 crore on individuals and institutions over market manipulation, irregularities and corruption committed during the previous government's tenure, Finance Minister Amir Khosru Mahmud Chowdhury told parliament today (12 July).
Replying to a question from MP Kamrul Hasan during the question-and-answer session, the minister said the regulator has also taken punitive measures, including lifetime and fixed-term bans, licence cancellations, criminal cases, and referrals to the Anti-Corruption Commission (ACC) for further investigation and legal action.
The finance minister said BSEC imposed Tk428 crore in fines on individuals and entities involved in the manipulation of Beximco shares.
He said an investigation into the Tk1,000 crore IFIC Guaranteed Sreepur Township Green Zero Coupon Bond found evidence of irregularities in its issuance, prompting disciplinary action against those responsible.
As part of the action, former IFIC Bank chairman Salman F Rahman and former vice-chairman Ahmed Shayan Fazlur Rahman have been permanently barred from participating in Bangladesh's capital market. Salman F Rahman was fined Tk100 crore, while Ahmed Shayan Fazlur Rahman was fined Tk50 crore.
Former BSEC chairman Prof Shibli Rubayat-Ul-Islam has also been banned for life from all capital market-related activities, while former BSEC commissioner Dr Shamsuddin Ahmed has been barred for five years.
Former IFIC Bank managing director Shah Alam Sarwar was fined Tk5 crore, while former IFIC Investments chief executive Imran Ahmed has been banned from capital market activities for five years.
The minister said punitive action has also been taken following investigations into alleged irregularities involving the withdrawal of capital from Ring Shine Textiles Ltd.
He added that former CAPM Advisory managing director and CEO Tania Sharmin and former AFC Capital CEO Mahbub H Mazumdar have each been barred from participating in capital market activities for five years.
The BSEC is also taking enforcement action over irregularities in ABG Ltd's acquisition of a 25% strategic stake in the Chittagong Stock Exchange.
The regulator is continuing disciplinary proceedings over alleged irregularities involving Acme Pesticides Ltd, Al-Amin Chemical Industries Ltd, Emerald Oil Industries Ltd, Sonali Paper & Board Mills Ltd, and Beximco Green Sukuk Al-Istisna, the minister said.
He added that the BSEC has referred several cases involving alleged financial irregularities and possible money laundering to the ACC.
The regulator has also cancelled the brokerage licences of Tamha Securities Ltd, Banco Securities, Crest Securities Ltd and Mashiur Securities Ltd over allegations of misappropriating investors' funds. Criminal cases have already been filed against some of the firms, while others have been referred to the ACC.
Responding to a supplementary question, the finance minister said legal proceedings and investigations against former BSEC officials are already underway.
He also informed parliament that the securities regulator has been reconstituted with a chairman and three commissioners, while the process of appointing another commissioner is ongoing.
"The appointments were not made on political considerations. The recruitment process was so transparent that even I, as finance minister, did not know them personally beforehand," Amir Khosru said.
He said all members of the reconstituted commission are experienced professionals in the capital market and international financial markets.
The finance minister claimed the stock market has been on an upward trend since the new commission assumed office, with the market index recording greater gains over the past two months than in the previous five years.
He attributed the improvement to enhanced transparency, reforms and renewed investor confidence, adding that both domestic and foreign investors, including international fund managers from Hong Kong, New York and London, have expressed interest in investing in Bangladesh's capital market.
Bangladesh Securities and Exchange Commission (BSEC) / Salman F Rahman / Finance Minister / Amir Khosru Mahmud Chowdhury
While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.
Copyright © 2026 THE BUSINESS STANDARD
All rights reserved.
