BSEC bans Salman F Rahman, Shibli Rubayat from capital market for life
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The Bangladesh Securities and Exchange Commission (BSEC) has permanently banned Salman F Rahman, former chairman of IFIC Bank and vice-chairman of Beximco Group, his son Ahmed Shayan Fazlur Rahman, former vice-chairman of IFIC Bank, and former BSEC chairman Shibli Rubayat-Ul-Islam from participating in the country’s capital market.
BSEC, in a press release issued today (Wednesday), stated that Salman F Rahman has been fined Tk 1 billion (100 crore) and his son Shayan Tk 500 million (50 crore) for their involvement in what regulators called one of the most serious cases of investor fraud linked to the IFIC Guaranteed Sreepur Township Green Zero Coupon Bond, also known as the ‘IFIC Amar Bond.’
The decisions were made at the 965th Commission Meeting of the BSEC, held on Tuesday (29 July) in the commission's meeting room and chaired by BSEC Chairman Khondoker Rashed Maqsood.