Govt to identify, take legal action against those behind stock market scandals: PM to parliament  

Prime Minister Tarique Rahman today (8 July) said the government plans to identify and take legal action against those responsible for the prolonged decline in the stock market that left thousands of investors facing heavy losses.

In a written response to a question asked by Khulna-4 MP Azizul Bari during today's budget session in parliament, he said investigations are underway to determine whether additional individuals or organisations were involved in previous stock market scandals.

Referring to the prolonged downturn in the stock market during the tenure of the erstwhile Awami League regime, the prime minister said experts, investor groups and investigative agencies had identified a number of key factors behind the crisis.

"Along with several other factors, these include market manipulation, artificial inflation and suppression of share prices, irregularities in initial public offerings (IPOs), bonds and other market issues, years of weak regulatory oversight, poor corporate governance," he added.

The prime minister also mentioned that the Bangladesh Securities and Exchange Commission (BSEC) had imposed fines totalling Tk1497 crore on individuals and institutions found to have been involved in market manipulation, irregularities and corruption.

He added that, based on the findings of investigation committees, relevant cases had been referred to the Anti-Corruption Commission for further action against those responsible.

Tarique further said that the government remained committed to restoring stability to the stock market and rebuilding investor confidence.

"To achieve this, it is implementing a range of reform measures aimed at strengthening governance, improving transparency and accountability, increasing market depth, expanding investor education and developing a more modern and sustainable capital market," he added.