The Financial Express

Stock probe body seeks help from intelligence agencies, BTRC

| Updated: June 13, 2021 10:40:08

Stock probe body seeks help from intelligence agencies, BTRC

The committee formed to probe rumours about stock price prediction and price sensitive information has sought cooperation from intelligence agencies and the telecoms regulator in identifying the persons circulating such rumours.

It has already sent letters to the Bangladesh Telecommunications Regulatory Commission (BTRC) and intelligence agencies to this end.

"The committee has sought their cooperation to conduct an in-depth investigation against the persons trying to influence the stock prices by spreading rumours through social media," Mohammad Rezaul Karim, a spokesperson of the securities regulator, said on Wednesday.

The Bangladesh Securities and Exchange Commission (BSEC) formed the four-member committee on May 24 to check such illegal activities.

Mr. Karim said the committee already identified some 10 groups involved in spreading rumours on facebook, WhatsApp, LinkedIn and YouTube.

"On completion of the investigation, the regulator will take stern actions against the speculators who are trying to influence the stock prices," he added.

The BSEC officials said the social media groups and facebook pages related to stock market have a large number of members or followers.

"The rumours posted on social media include stock price predictions and price sensitive information. Such rumours leave a huge impact on stock prices as the members of these social media groups make trading decisions acting on such rumours," said a BSEC official.

The probe committee, headed by BSEC director Rajib Ahmed, has been asked to complete the inquiry and submit a report within 30 working days.

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