Bangladesh Telecommunication Regulatory Commission (BTRC) is working in coordination with Bangladesh Computer Council’s Digital Security Agency and Bangladesh Securities and Exchange Commission (BSEC) – the capital market regulatory agency, to control rumors about the stock market. In the meantime, following the BSEC complaint, 31 rumour-mongering Facebook IDs have been deactivated.
Also, BSEC has formed a ‘Social Media Monitoring Cell’ to identify those spreading rumours about the capital market through various social media including Facebook and WhatsApp.
The activities of this monitoring cell are being conducted under the supervision of Prof. Dr. Sheikh Shamsuddin Ahmed, BSEC’s Market Surveillance and Intelligence Department (MSID) Commissioner.
In the meantime, according to the supervision of this cell, for the crime of influencing the stock market by publishing various information on Facebook in violation of the instructions. Detective (DB) police arrested a person named Mahbubur Rahman. Md. Mahbubur Rahman, who posted on the Facebook page named ‘Share Bazaar 2021′ on December 19 last year, and went out with whatever he could. The index will drop up to 5,600 ……. It is not reality! Not Panic!
According to the BSEC, the monitoring of BSEC’s social media monitoring cell shows that Mahbubur Rahman tried to influence the stock market by posting rumors related to the stock market at various times through his Facebook page. The purpose of these rumours is to manipulate the market by misleading the common investors.
On December 23 of last year, Deputy Director of BSEC Munshi Md. Enamul Haque filed a case against Mahbubur Rahman. It is mentioned in the statement of the case, Md. Mahbubur Rahman is currently working in Biman Bangladesh Airlines as a casual employee. He is creating confusion among common investors by spreading false information about stock market through Facebook. Through this he has illegally profited by inducing and luring the investors.
“Through such activities, the accused person and his associates are causing various damages including affecting the capital market, which is an activity against the interests of the capital market, investors and the state as a whole. Such cycles used to create volatility in the market in different novel ways at different times.’
The statement also mentions that these gangs are doing various misdeeds to achieve their own nefarious purposes by influencing the capital market. Because of this, there is a possibility of the law and order situation collapsing with disputes among the investors.
However, it is alleged that attempts to influence the stock market through Facebook groups have not stopped. It is reported that the sale of items is going on with the creation of rumours. One such page on Facebook is ‘Share Bazaar 2021’. A post from the ID name Mahbub Mumin has been given on this page. It is written there, ’40 percent loss? There are currently two items for loss recovery. Two items are increasing in price. Can contact quickly.’ A WhatsApp number was then given in that post.
Posted by a Facebook ID named Ariyan Chowdhury from the same Facebook page, there are two best items for tomorrow. Message to inbox if you want to take it.
Posted by a Facebook page named ‘Best ROI Service: Profitable Investment Advisory Service’, members made huge profits at KDS, Malek, Union Capital. Inbox the page to get the next big profit item.
In this way, BSEC has a ban on posting affecting the stock market from various Facebook pages and IDs. BSEC issued an order on September 2, 2020 in this regard.
In that order, all persons or organizations directly or indirectly associated with the capital market or in any way related to the capital market or securities transactions, to protect the interests of the securities market and investors, any information or report using the name or logo of BSEC, DSE and CSE through social media or any other means. A non-disclosure order is issued.
Along with this, the market value of any listed securities or any other matter through social media should be refrained from prejudging or making any comment that undermines the interest of the investor.
Violation of these orders is warned that action will be taken as per Securities Act and Digital Security Act, 2018.