Strict actions against those involved in stock market scandals, finance minister tells parliament

Finance Minister Amir Khosru Mahmud Chowdhury has informed
parliament that the government has taken a tough stance against major
irregularities and scandals in the capital market.
He said legal action has been taken
against individuals and institutions involved in several high-profile cases of
financial misconduct and market manipulation during the Awami League regime.
According to the finance minister,
the reconstituted Bangladesh Securities and Exchange Commission (BSEC) has
completed inquiries and investigations into 12 separate incidents.
Responding to a question from Sirajganj-1 lawmaker Md Selim
Reza in parliament today (9 June), he said a five-member special investigation
committee formed by the BSEC after 5 August 2024 had submitted reports on
various irregularities. Based on those findings, punitive measures have been
taken against a number of individuals and organisations.
He said investors had suffered due
to long-running irregularities and market manipulation in the stock market. The
current government is working to ensure proper investigations and
accountability for those responsible.
The finance minister told
parliament that one of the most notable actions involved former BSEC chairman
Shibli Rubaiyat-Ul-Islam. Following investigations into the Beximco Green Sukuk
and IFIC Guaranteed Township Green Sreepur Zero Coupon Bond issues, he was
declared permanently ineligible and banned for life from all capital
market-related activities in Bangladesh.
The investigation findings were
also forwarded to the Anti-Corruption Commission (ACC) for possible money
laundering allegations against him. Former BSEC commissioner Shamsuddin Ahmed
was also banned from market activities for five years in connection with the
same investigation.
In a separate action relating to
the IFIC Guaranteed Township Green Sreepur project, former prime minister Hasina's
private industry and investment adviser and former IFIC Bank chairman Salman F
Rahman was permanently barred from capital market activities and fined Tk100
crore.
In the same case, former IFIC Bank
vice-chairman Ahmed Shayan Fazlur Rahman received a lifetime ban and a Tk50
crore fine.
The finance minister said that as
of 13 May 2026, authorities had completed 114 inquiries, 12 investigations and
64 inspections related to stock market scandals and market manipulation.
During this period, fines totalling
Tk1,496.64 crore were imposed on various individuals and institutions. At the
same time, 675 enforcement actions were carried out, while 16 matters were
referred to the ACC and other relevant agencies for further investigation.
In connection with market
manipulation, Beximco Limited, Md Abul Khayer Hiru and others were fined a
combined Tk700.63 crore.
The appointment of LR Global Asset
Management Company as manager of certain mutual funds has also been cancelled.
In addition, several former
officials of IFIC Investments Limited, including its former chief executive
officer, have been banned for various periods and fined. Several credit rating
agencies have also been penalised.
In relation to irregularities
involving Quest BDC, LR Global Asset Management's responsibility for managing
mutual funds was revoked, while one of the firm's senior executives was
permanently barred from the market.
Separate investigations have also
been conducted into Ring Shine Textiles, Fortune Shoes, ACME Pesticides and
Al-Amin Chemical. In some cases, show-cause hearings have been completed, while
others have been referred to the ACC over allegations of corruption and money
laundering.
The finance minister noted that the
commission is currently unable to take action in a case involving the IPO of
Best Holdings due to a court stay order. However, the matter has been referred
to the ACC.
Investigations involving Coppertech
Industries, Chittagong Stock Exchange and ABG Limited are also ongoing. The commission
will take final decisions after completing further reviews.
The finance minister further said
that several new regulations are being drafted to strengthen transparency and
accountability in the capital market. These include a whistleblower protection
regulation, corporate governance regulations, an audit firm registration policy
and corporate restructuring guidelines.
He added that regular investor
education programmes are being conducted to raise awareness. Educational
content is being disseminated through television, social media and online
platforms, while training programmes are also being carried out across the
country.
















