Attempting to influence the market in various ways, gossip spreads, creating a cycle that impacts the Capital market. This leads to losses in the stock market, affecting investors. The cycle always seems to benefit from the rumors. To protect the market from such gossip, Dr. Sheikh Shamsuddin Ahmed, Commissioner of the Bangladesh Securities and Exchange Commission (BSEC), has advised not to turn a deaf ear to such rumors.
Recently, BSEC Commissioner Dr. Sheikh Shamsuddin Ahmed held an urgent meeting with Dr. A.T.M. Tariquzzaman, Managing Director of the Dhaka Stock Exchange (DSE), regarding the issue of gossip. At this time, he advised investors accordingly.
According to meeting sources, both BSEC and DSE are jointly committed to preventing any kind of gossip-creation attempt. Both institutions are dedicated to making the stock market dynamic and ensuring the utmost protection of investors’ interests.
Sources indicate that recently there have been various rumors circulating regarding the conflict between the Bangladesh Securities and Exchange Commission (BSEC) and the Dhaka Stock Exchange (DSE). BSEC Commissioner Dr. Sheikh Shamsuddin Ahmed stated that it is baseless and mere gossip. Dr. A.T.M. Tariquzzaman, Managing Director of DSE, echoed the same sentiment.
Recently, the country’s stock market has been affected by influential gossip spread on social media platforms like Facebook groups. Gossip often creates instability in the stock market, fostering a speculative atmosphere. Just a few days ago, rumors about floor prices created instability in the market, followed by rumors about shares in the ‘Z’ category, perpetuating a cycle of instability. As efforts are made to dispel these rumors, various baseless rumors are being spread between the regulatory bodies BSEC and DSE. Rumors are circulating Despite the BSEC Chairman’s absence from the commission. Such gossip contributes to market instability, although stakeholders have assured that these rumors are baseless.
Additionally, during Ramadan, a type of gossip regarding transactions also circulates in the stock market. Typically, the stock exchange determines transaction times. However, it is necessary to inform the regulatory authority. Since the country has two stock exchanges, it’s convenient for transactions to occur simultaneously on both. Otherwise, discrepancies in transactions, indices, and prices may arise. Hence, to facilitate coordination, transaction times are fixed.
On this matter, Dr. Sheikh Shamsuddin Ahmed stated, “We work for the overall interest of the market. The interests of investors are paramount. We have endured difficult times over the past three years due to the coronavirus pandemic. Everything was at a standstill. During this time, we have endeavored to keep the market operational.”
He further added, “When it comes to work, differences of opinion may arise. However, we must work within the framework of the law. We have no distance with DSE. The commission and the exchange work with the same objective for the betterment of the stock market. Accepting rumors for the sake of the market’s interest will not be tolerated. There is no conflict between the two institutions. Both are steadfastly working towards the same goal.”