Those responsible for stock market scams will be tried: Prime Minister

On Wednesday (July 8), during the question-and-answer session of the national parliament's budget session, the Prime Minister said this in response to a written question from Khulna-4 constituency Member of Parliament S K Azizul Bari. The session was chaired by Speaker Hafiz Uddin Ahmed Bir Bikram.

The Prime Minister said that a fair investigation will be conducted into various irregularities and manipulations that occurred in the capital market during the previous Awami League government's tenure, and those responsible will be brought to justice. At the same time, the government is taking all necessary steps to restore investor confidence.

He informed that the Anti-Corruption Commission (ACC) has already identified several individuals through investigations into stock market scam allegations. Cases and necessary legal measures have been taken against them. Additionally, investigation activities are ongoing to uncover whether anyone else is involved in such irregularities.

The Prime Minister further informed that the Bangladesh Securities and Exchange Commission (BSEC) has imposed a total of Tk 1,497 crore in fines on various individuals and institutions for stock market manipulation. The list of accused has also been sent to the ACC for further investigation.

He said that multiple factors contributed to the stock market crash during the previous government's tenure, including market manipulation, artificial control of share prices, irregularities in initial public offerings and bond issuance, lack of oversight by regulatory bodies, and failure to take timely effective measures.

The Prime Minister also highlighted various steps taken by the government to restore stability in the capital market and rebuild investor confidence. These include— appointing skilled and experienced leadership to the Bangladesh Securities and Exchange Commission, withdrawing the floor price to remove investment barriers, encouraging profitable government and multinational companies to get listed on the stock market, bringing companies with good fundamentals and small and medium industrial sectors to the market, ensuring whistleblower protection to prevent manipulation, formulating panel policies for audit firms, reducing capital gains tax and withdrawing double taxation on dividend income, creating opportunities for direct filing of cases in capital market-related special tribunals, forming a capital market reform commission and a special investigation commission, introducing blockchain technology and artificial intelligence-based surveillance systems, simplifying transactions through electronic customer identity verification and mobile apps, establishing an investor protection fund, and opening treasury bond transactions for general investors.

The Prime Minister said the current government is committed to ensuring transparency, accountability, and stability in the stock market. The government's goal is to build a strong and sustainable capital market while protecting the interests of investors.