BSEC seeks BTRC's help in stopping rumors

The Bangladesh Securities and Exchange Commission (BSEC) has sought the assistance of Bangladesh Telecommunications Regulatory Commission (BTRC) for closing the ‘DSE Investor Club’ Facebook group to curb rumors. The information has been obtained from BSEC sources.

It is learnt that a group of unscrupulous people have been using the social media and spreading rumors among the general investors and pocketing profits from the capital market. In consequence, ordinary investors suffer by losing their capitals and become extinct. Such dishonest activities are polluting the environment of the capital market.

Therefore, the regulatory body BSEC has become active in curbing rumors spread through social media. Earlier, BSEC had sought the assistance of BTRC in this regard. BTRC sent a letter to close the two groups again on Thursday (November 12).

According to BSEC sources, rumors are being spread from the ‘DSE Investor Club’ Facebook group recently. In addition, another group called 'Share Market Profit Gainer' is also encouraging the investors to trade shares of various companies thereby plunging the investors into confusion over where to invest.

These issues come to the notice of the Commission. As a result, the commission informed the BTRC to close these groups or pages as soon as possible. With the closing of the groups, it will be easier for investors to make their own decisions. It will be possible to maintain confidence in the market in turn. The BSEC requested BTRC a few days ago to close a group called 'Decision Maker'.

In this regard, Executive Director and spokesman of BSEC Mohammad Rezaul Karim said there were ploys to mislead investors from few groups or pages using the social media. The BTRC has been informed to put a brake on such activities.

Meanwhile, the BSEC issued an order at the beginning of last September. It has been ordered to refrain from using the logos of BSEC, DSE and CSE on the social media. At the same time, it has been ordered to refrain from predicting any fluctuation in share price, speculative information and publishing undisclosed information of any company. Even then, if evidence of such activity is found against anyone, legal action will be taken under The Securities and Exchange Ordinance 1969.

At the same time, the accused will be brought to the book under the Digital Security Act 2018. The BSEC has compiled a list of the groups or pages spreading rumors through social media before and after the order was issued.

sr/wi