Automation goes on to stop manipulation: Regulator

| Updated: February 24, 2023 08:44:40

Automation goes on to stop manipulation: Regulator

The securities regulator has continued its effort to complete the automation in data handling to curb manipulations in the stock market.

Officials of the Bangladesh Securities and Exchange Commission (BSEC) on Monday said this at a press briefing at its office.

The regulator held the press briefing ahead of the two-day long 'supervisory director meeting' of Asia Pacific Regional Committee (APRC) of International Organization of Securities Commissions (IOSCO).

BSEC executive director Mohammad Saifur Rahman said manipulation is a common phenomenon in the stock market across the globe.

Manipulators frequently change their techniques. The regulator has laid emphasis on completing automation at the BSEC end to bring them to book, said Mr Rahman in his reply to a question linked to stock price manipulation.

He also said the BSEC's enforcement department had been taking punitive measures against unscrupulous people on a regular basis. "The regulator has taken legal actions against many manipulators."

Another BSEC executive director Mohammad Rezaul Karim said the regulator imposed huge amounts of penalties in the last two years.

The APRC's two-day meeting will be held for the first time in Bangladesh starting on Wednesday at a city hotel.

BSEC Chairman Prof. Shibli Rubayat Ul Islam was elected the vice chair of the APRC in August 2022.

Prof. Islam will preside over the meeting to be attended by representatives of the regulatory bodies of different countries, such as Australia, New Zealand, Singapore, Hong Kong, Japan, India, Malaysia, and Vietnam.

The representatives of the IOSCO will also attend the meeting.

The BSEC officials said the meeting would discuss rules and regulations, current situations, risks and problems tied to the capital markets in the Asia Pacific region. The troubleshooting of different problems will also be discussed there.

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