Those involved in stock market scandals will be brought to justice: Prime Minister
Prime Minister Tarique Rahman has said that those involved in stock market scandals will be brought to justice, adding that the government is committed to restoring investors' confidence in the capital market.
He made the remarks on Wednesday (July 8) while responding to a written question during the budget session of the National Parliament. The session was presided over by Speaker Hafiz Uddin Ahmed.
In a written question submitted on behalf of Khulna-4 lawmaker S.K. Azizul Bari by a member of parliament from Patuakhali-4, it was asked what the main reasons were behind the prolonged decline of Bangladesh's stock market during the previous Awami League government's tenure, and whether the government had any plans to identify and take legal action against those responsible for the market crash that left thousands of investors financially devastated.
In his reply, Prime Minister Tarique Rahman said that the Anti-Corruption Commission (ACC) had conducted investigations into allegations of stock market scandals. Legal action, including the filing of cases, has already been taken against several identified individuals. Investigations are continuing to determine whether any other individuals or institutions were involved.
The Prime Minister said that, over the years, experts, investor associations, and various investigative agencies had examined the reasons behind the continuous decline of the country's stock market during the previous Awami League government's tenure.
According to the findings, the major causes included market manipulation and the artificial inflation and deflation of share prices; irregularities in the initial public offerings (IPOs), bond issues, and other capital market instruments of certain companies; prolonged weaknesses in regulatory oversight and delays in taking corrective action; deficiencies in corporate governance and a lack of transparency in financial reporting; limited participation by institutional investors and a resulting crisis of confidence in the market; policy inconsistencies, uncertainty among investors, and the absence of capital market-friendly tax policies.
He further said that the Bangladesh Securities and Exchange Commission (BSEC) had imposed fines totaling Tk 1,497 crore as punitive measures against individuals and institutions involved in stock market manipulation, irregularities, and corruption. In addition, reports prepared by investigation committees formed to identify responsible individuals and entities have been forwarded to the Anti-Corruption Commission for further legal action.
The Prime Minister added that the current government is determined to restore stability to the stock market and rebuild investor confidence. To this end, it has already undertaken initiatives to establish a more transparent, accountable, and sustainable capital market by strengthening corporate governance, improving transparency and accountability, diversifying market products to increase market depth, and expanding investor education.