The director of Dhaka Stock Exchange (DSE) accused of illegal share trading. Bangladesh Securities and Exchange Commission (BSEC) desperate to save Abdullah Al Mahmud. In this case, the instructions of the Financial Institutions Division (FID) of the Ministry of Finance were not taken into consideration. The FID has been asked to form an inquiry committee against him under Section 21 of the Securities Act. But without forming any kind of investigation committee, the finance ministry has given a report saying that he is innocent.
If asked to know, the Secretary of the Financial Institutions Department of the Ministry of Finance. Abdur Rahman Khan told Jugantar on Saturday that the BSEC did not conduct the investigation committee. But the Dhaka Stock Exchange formed an inquiry committee in this regard. The committee has already given its report. The report has been sent to us. After this review we will take next steps.
Incidentally, the influential member of the board of directors of DSE violated the rules. Daily Jugantar published a report on Abdullah Al Mahmud’s share transaction on June 6. Aided in manipulation for greater personal gain. He has traded shares of 13 crore 15 lakh rupees in various companies with various manipulations. Yugantar’s long search has revealed such sensational information with detailed evidence. BSEC appointed this professor of Banking and Insurance Department of Dhaka University to the board of DSE as an independent director to protect the interests of investors.
Meanwhile, after the Yugantare report was published, the stock market started to stir. On June 25, the Ministry of Finance ordered to investigate and take action against him. According to the instructions signed by Farida Yasmin, Deputy Secretary of the Financial Institutions Department, the complaints published under Section 21 of the Securities and Exchange Ordinance, 1969 should be investigated within the next 30 working days and action should be taken based on the report.
Apart from this, this independent director of DSE, including Section 8 (2) (A), 8(2)(B), 8(2)(D), 8(3)(1) of Dhaka Stock Exchange (Board Administration) Resolution 2023 BSEC and DSE will investigate and take action according to the report if any act is being done in contravention of other laws, rules, regulations or instructions followed by DSE. In the interest of the investigation, during the investigation, the accused director of DSE, Professor Dr. Abdullah Al Mahmoud will refrain from his work.
BSEC will immediately inform the Financial Institutions Department of necessary action as per the investigation report of the institution.
Several mysterious incidents have occurred on the matter. Before the direction of the Finance Ministry, the Board of DSE formed a three-member inquiry committee. The committee was headed by Independent Directors Kawsar Ahmed, Rubaba Daula and Shareholder Director Sharif Anwar Hossain. Later Sharif Anwar Hossain resigned.
A two-member committee then submitted its report. Surveillance assistance was required to investigate the matter. Both DSE and BSEC have their own surveillance. But DSE’s inquiry committee dropped its own surveillance and wrote to BSEC for information. Then on July 1, Deputy Director of Surveillance of BSEC. The letter signed by Sahidul Islam was sent to Kawsar Ahmed, head of the investigation committee. The letter said, after joining DSE, there was no information about any fraudulent share trading against him from July 5 to July 23. He has traded shares worth Tk 1 crore 6 lakh during the said period. Out of this, he bought shares worth Tk 12 lakh 63 thousand. Sold shares worth 94 lakh 23 thousand rupees.
Here he has given a loss of 30 lakh 12 thousand taka. The shares he traded were Associated Oxygen, British-American Tobacco, CNA Textiles, Emerald Oil, Fortune Suze, Lafarge Surma Cement and Sonali Paper.
However, a source of BSEC told Yugantar. Abdullah Al Mahmoud is not innocent. Because if a director has investments in the stock market, after joining the stock exchange, it has to be reported to the Conflict Mitigation Committee. But he did not inform the committee before reporting to Jugantar. Other directors of DSE also have this problem. As a result, Dr. To take action against Abdullah Al Mahmud, the entire board must be disbanded. But disbanding the entire board at this moment will send a bad message to the market. As a result, the commission avoided the crime. Meanwhile, Abdullah Al Mahmud joined the board again after being acquitted. He is participating in all kinds of activities.