Although the stock-dealer and broker registration of Beximco Securities Limited, a member of the Dhaka Stock Exchange (DSE), expired on June 8 this year, the certificate was not renewed. This is because the Bangladesh Securities and Exchange Commission (BSEC) has banned Salman F. Rahman, who is on the board of directors, from the capital market for life.
Two letters in this regard have been sent to the DSE recently. This information has been learned from BSEC sources.
According to BSEC sources, there are allegations of irregularities, fraud and money laundering in the capital market against Salman F. Rahman. In view of this, he was banned for life in separate decisions on June 30 and September 3. Therefore, the stock-dealer and broker certificate of Beximco Securities has not been renewed, as a result of which share trading is currently closed.
According to the law, renewal application has to be made 30 days before the expiry of the certificate. If you do not apply during this time, you have to pay a fine of Tk 2,000 for each subsequent day. Beximco Securities has been fined Tk 188,000 for filing an application after 94 days.
There are two companies on the board of directors of Beximco Securities. These are Beximco Holdings and SS Exports. The company is unable to hold board meetings because Salman F. Rahman is the representative of Beximco Holdings and is in prison. The company has kept him as a director for now, citing this reason. The people concerned say that the problem would have been resolved earlier if the matter had been presented in court.
Capital market analyst and economist Professor Abu Ahmed said that it is not right to close an institution because of one person. If an institution is closed, many employees will also be in danger. The institution can be kept running without keeping accused and criminals in its management. In that case, strict monitoring should be done to see if irregularities are taking place due to the influence of that person.
