Photo : Messenger
Banks and non-bank institutions are aggressively collecting deposits to overcome the ongoing liquidity crisis. In this case, banks are offering a deposit interest rate of 11 percent, while treasury bond or bill interest is set at 12 percent. Capital market investors are withdrawing money by selling shares and investing in bank products.
On the other hand, a syndicate is spreading false information and rumours on social media platforms (Facebook, WhatsApp, Viber, Telegram), broker houses, and mobile SMS regarding the renewal of the capital market regulatory body, Bangladesh Securities and Exchange Commission (BSEC).
The syndicate is frequently spreading rumours in the market that the commission headed by Professor Shibli Rubayat-Ul-Islam is resigning. However, the reality is that this current commission is not resigning. False information is being spread that the commission headed by Professor Shibli Rubayat-Ul-Islam will not be renewed, whereas no such decision has been taken by the government.
BSEC has taken the matter into consideration. On March 17, a circular was issued warning investors about the syndicate spreading false information and rumours about the capital market through online platforms, including social media.
It has been noted that baseless rumours and false information are being deliberately spread on various issues of the capital market on online platforms, including social media, which is incorrect. Spreading any kind of false information and rumours, including disclosing unpublished information on capital market-related matters, share price predictions, etc., in cyberspace, including social media, is a punishable offense under the Cyber Security Act, 2023.
Therefore, in the interest of the capital market and investors, all those involved in the capital market are requested to refrain completely from publishing or spreading such rumors and false information.
The notification also stated that those who intentionally spread baseless rumours and falsehoods are warned that they will be immediately brought under the law, with appropriate action taken against them.
When asked about this, capital market analyst Al-Amin said that the capital market has fallen into an abnormal situation due to the forced sale of institutional investors. He mentioned that the market is so negative that it is unable to handle the sales pressure of Tk 400-500 crores.
This associate professor at Dhaka University mentioned that the interest rates of treasury bills and banks have increased, resulting in investors gaining more profit by investing in the banking sector than in the capital market. Consequently, they are withdrawing money by selling shares, leading to a fall in market prices.
Former President of Bangladesh Merchant Bankers Association (BMBA) Sayadur Rahman said, “Investors are selling shares with the intention of making profits without any logical reason, causing a rise in the morning but a significant fall by the end of the day.”
Chief Executive Officer (CEO) of First Capital Securities, Kausar Al Mamun, said, “The price of the dollar is now much more stable, and both the government and political situation are stable. Still, the market is falling due to the conspiracy of a syndicate.”
Messenger/Disha
