The Securities and Exchange Commission (SEC) has decided to find out the source of rumours affecting the capital market and investors' interest as well.
"The securities regulator is officially trying to find out source of rumours, that are affecting the capital market as well as investors' interest," Mansur Alam, member of the SEC, told reporters at his office Tuesday.
For the first time the SEC has taken such steps against the backdrop of wild fluctuation in prices of some particular issues based on rumours.
"Though rumour is the part and parcel of the securities market but the SEC has noticed that the magnitude of the rumour has increased in the recent period, which is not acceptable," he said, adding that cashing in on rumours a vested quarter has reaped a large financial benefit.
Answering to a question, Mansur said, "Indeed, it is very tough to unearth the source of rumour but the commission is putting its best efforts to net the person involved in this malpractice for the interest of general investors."
"No mercy will be shown to the persons involved in rumour mongering," he said, adding that stern actions will be taken against those to be found guilty.
About the current market situation, he said, "We are closely observing the current market trend."
He advised investors not to be panicky and ignore remours.
According to the securities regulation, the SEC can take action against any person, who is directly or indirectly related to or associated with the investors or the securities market or the capital market in any manner, involved in spreading rumour, or helping or assisting in spreading rumour, by any mode or in any form, including by way of behaviour or utterance or through misleading , distorting or suppressing material information or fact, which may or is likely to affect the investors or the securities market or the capital market.
Contravention of this directive shall attract appropriate penal measures which include monetary penalty of minimum Tk 0.10 million under the regulation.
