BSEC discovers share price manipulation groups

The securities regulator BSEC has discovered several groups engaged in manipulating share prices using social media.

The groups included DSE Investors Club, We Want to Be a Gainer, The Third Eye, Share Market - DSE Investors Club, Public Business Club, Share Market Superstar Group, The Loyal Club, Share Bazaar Chat, Rakib Profit & Joy, Share Bazaar Zindabad, Stock Facebook-based groups like Market Today, Bangladesh Capital Market Investors Alliance, Rockstar Club, Royal King Money Makers, and Badsha Zone, according to an investigation team of the Bangladesh Securities and Exchange Commission (BSEC).

The groups spread rumours that artificially affected the share price of various securities listed in the capital market, it said.

To prevent the share price manipulation through social media and other platforms, the BSEC on Wednesday sit with the telecom regulator Bangladesh Telecommunication Regulatory Commission (BTRC) to devise a method.

The BTRC has already deactivated some IDs of such groups and individuals, according to the representatives of the telecom regulator.

It will also take steps to remove or block content from digital media through the Director General of Digital Security.

BSEC Commissioner Shaikh Shamsuddin Ahmed said around 31 rumour-generating IDs have already been deactivated at the request of the inquiry committee. “Other IDs are also under observation. Necessary action will be taken against the rumour-monger IDs in phases.”

The meeting decided to hold a coordination meeting with the BTRC once every three months.