BSEC says it would go tough against rumour mongers

FE Report | Thursday, 16 September 2021

The securities regulator has strengthened its efforts to contain rumours which are spread through social media to influence market prices of listed securities.

The Bangladesh Securities and Exchange Commission (BSEC) on Wednesday held a meeting with the representatives of Bangladesh Telecommunication Regulatory Commission (BTRC) and the digital security agency of Bangladesh Computer Council.

"As part of our continuous efforts, the focal points of three organisations will sit once in every three-month. They will propose further actions to contain rumours spread on social media," said Mohammad Rezaul Karim, a BSEC spokesperson.

Taking co-operations of telecommunication authority and digital security agency, the securities regulator will take tougher action in coming days to contain rumours, Mr Karim said.

The securities regulator earlier formed an inquiry committee comprising of representatives of stock exchanges and depository authority to look into different groups of social media which spread rumours to influence market prices of listed securities.

According to the inquiry report, the facebook groups which influenced stock prices spreading rumours include DSE Investors' Club, We Want to be Gainers, The Third Eye, Share Bazar-DSE Investors' Club, Public Business Club, Share Market Super Star Club, The Loyal Club, Rakib Profit and Joy, Share Bazar Zindabad, Stock market Today, Bangladesh Capital Market Investors Alliance, Rock Star Club and Royal King Money Makers.

"The BTRC requested the facebook authority to close 86 facebook accounts groups through which unscrupulous persons spread rumours," said Mr Karim.

He said the facebook authority has already closed 31 accounts following the BTRC's plea.

"The other accounts are under scrutiny. Tough actions will be taken against the persons behind those accounts," said the BSEC's spokesperson.

[email protected]