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BSEC free to pursue enforcement action in Best Holdings bond conversion case

csslblog — Thu, 18 Jun 2026 05:47:59 +0000

The order was passed today by Justice Farah Mahbub’s Chamber Court following an application by the BSEC.

Photo: Collected

The Appellate Division’s Chamber Court has vacated a High Court status quo order, clearing the path for the Bangladesh Securities and Exchange Commission (BSEC) to proceed with enforcement actions against Best Holdings PLC regarding alleged misconduct in its bond-to-equity conversion.

The order was passed today (17 June) by Justice Farah Mahbub’s Chamber Court following an application by the BSEC.

According to lawyers of BSEC involved in the matter, the regulator can now take action on its inquiry report concerning the company’s conversion of corporate bonds into equity shares, which were allotted to major state-owned banks and private mutual funds.

The investigation centres on the “BHL 25% Convertible Secured Bond,” a Tk1,200 crore instrument issued by Best Holdings in 2019. The bond was intended to refinance high-cost syndicated loans taken for its flagship luxury hotel, Le Méridien Dhaka.

Allegations of misconduct surfaced after the company issued 7.69 crore shares each to Sonali Bank, Agrani Bank, and Janata Bank, alongside 4.61 crore shares to Rupali Bank. Furthermore, 3.67 crore shares were allotted to ten mutual funds managed by RACE Asset Management. These shares were issued at a significant premium over the Tk10 face value just before the company’s Initial Public Offering (IPO).

Previously, Sentinel Trustee and Custodial Services Limited, the BSEC-approved trustee involved in the conversion process, filed a writ petition before the High Court and secured a stay order on the BSEC’s enforcement work. However, the BSEC moved the Chamber Court to lift this restriction.

In May, the BSEC has launched a special audit into Best Holdings to examine how it utilised funds raised through various public and private channels.

The move aims to ensure compliance with securities regulations governing the deployment of capital raised via the company’s Initial Public Offering (IPO), corporate bonds and private placements

Source: The Business Standard

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The post BSEC free to pursue enforcement action in Best Holdings bond conversion case first appeared on CSSL.

DSEX hits 9.5-month high on Islami Bank-led rally

csslblog — Tue, 16 Jun 2026 04:36:07 +0000

Turnover increases 7% to Tk1,456 crore, indicating stronger liquidity.

The country’s premier stock exchange extended its upward momentum for a third consecutive session yesterday, with the benchmark index climbing to a nine-and-a-half-month high, driven by strong buying in blue-chip stocks and a sharp rally in Islami Bank.

Despite late-session profit-taking pressure that saw more than half of traded issues decline, the Dhaka Stock Exchange (DSE) managed to stay resilient above the 5,600-point mark, supported by selective accumulation in large-cap shares.

The DSEX rose 15 points, or 0.27%, to settle at 5,640, its highest level since late last year. The DS30 index also edged up by 8 points to close at 2,128, reflecting broadly positive sentiment among blue-chip counters.

However, market breadth remained negative, underscoring cautious trading activity, as 184 issues declined against 145 advances, while 66 remained unchanged.

Total turnover increased by 7% to Tk1,456 crore, indicating improved liquidity flow and sustained investor participation.

According to EBL Securities, the market showed notable resilience as investors continued accumulating attractively valued blue-chip stocks. A key driver of the session was sustained buying pressure in Islami Bank Bangladesh PLC, which surged 10% to hit the upper circuit breaker.

Market insiders attributed the rally to expectations of government-backed regulatory support aimed at easing the bank’s liquidity stress, which helped restore investor confidence in the stock.

Despite strong momentum during mid-session trading, many investors opted to book profits after the index reached a multi-month peak, leading to mixed sentiment toward the close.

Sheltech Brokerage Limited noted that the day’s movement was shaped by a combination of selective accumulation and profit-taking pressure. Although the session opened with broad-based buying interest, selling pressure intensified from mid-session onward. However, support from the banking and large-cap pharmaceutical sectors helped absorb losses and ensured a positive finish for the key indices.

On the sectoral front, general insurance dominated turnover, accounting for 15.9% of total trade, followed by the banking sector with 13.3% and textiles with 10.1%.

In terms of performance, the ceramic sector led the gainers with a 1.9% rise, followed by banking at 1.2% and cement at 0.9%.

On the losing side, the miscellaneous sector declined 3.9%, while life insurance and general insurance dropped 3.1% and 1.1%, respectively.

Islami Bank topped the gainers’ list, followed by Sonargaon Textile, Emerald Oil, and Meghna Condensed Milk.

On turnover, IPDC Finance was the most traded stock with Tk81 crore, followed by NCC Bank and Beximco Pharmaceuticals.

Beximco Limited emerged as the top loser, falling 9.95%, followed by ICB Employees Provident Mutual Fund and Shyampur Sugar.

The positive momentum was also reflected on the Chittagong Stock Exchange (CSE), where the CSCX index rose 12 points to 9,423, while the CASPI gained 52 points to reach 15,395. Turnover at the port city bourse surged 75% to Tk42.46 crore.

Source: The Business Standard

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The post DSEX hits 9.5-month high on Islami Bank-led rally first appeared on CSSL.

Islami Bank shares bounce back, hit upper circuit for second straight day

csslblog — Mon, 15 Jun 2026 04:48:55 +0000

Beximco shares slide to Tk72 from Tk110 since floor price lifted on 8 June

Logo of Islami Bank Bangladesh PLC. Photo: Collected

After hitting near-lows following the removal of the floor price, shares of Islami Bank Bangladesh rebounded, supported by expectations of liquidity assistance from the central bank to help ease the bank’s ongoing funding stress.

With gains in two consecutive sessions, Islami Bank’s share price climbed nearly 20% in two days, reaching Tk32 each, close to its former floor price level of Tk32.60.

Following the removal of the floor price on 8 June, Islami Bank shares fell by around 20%, hitting the lower circuit – the maximum daily decline allowed under market rules – to Tk26.5 each.

Since touching that low, the stock has bounced back on hopes that the central bank will provide support to help mitigate the bank’s liquidity crisis.

Today (14 June), shares of Islami Bank worth Tk85 lakh were traded, with 2.67 lakh shares changing hands through 390 trades, according to data from the Dhaka Stock Exchange.

The stock opened at Tk29.50 each and soon hit the upper circuit, surging 9.97% during the session.

Trading data showed that only a small number of investors were willing to sell Islami Bank shares despite strong buying interest from investors.

Yesterday, the Bangladesh Bank extended a special loan of Tk2,500 crore to Islami Bank to help the country’s largest Shariah-based lender mitigate a deepening liquidity crisis.

The central bank disbursed the financial assistance, according to sources within Islami Bank.

The private commercial bank fell into a severe liquidity crunch following a wave of unrest that erupted after the Eid-ul-Adha holidays over the appointment of its new chairman.

Under the banner “Islami Bank Sachetan Grahok Forum,” a group of clients has been staging continuous demonstrations opposing the appointment.

The prolonged agitation triggered panic among clients, prompting a massive volume of depositors to withdraw their funds from the bank.

As the cash flight intensified, the liquidity crisis deepened to a level where the bank failed to disburse cash according to its customers’ demands. Alongside failing to meet customer withdrawals, Islami Bank also failed to maintain its mandatory Cash Reserve Ratio (CRR) with the central bank.

Consequently, the private lender sought liquidity support of Tk10,000 crore from the central bank last week.

Earlier, on Friday, during a post-budget press conference, Bangladesh Bank Governor Md Mostaqur Rahman hinted at providing liquidity support to Islami Bank.

He stated that the crisis at Islami Bank would be resolved quickly and depositors would face no trouble withdrawing their money.

Beximco shares continue to fall

Shares of Beximco Ltd, a flagship concern of the Beximco Group, have been witnessing heavy selling pressure for the four consecutive sessions and hit the lower circuit – the maximum daily decline limit – after the removal of the floor price.

Since removing the floor price on 8 June, Beximco shares saw substantial sell-offs as investors opted to exit the stock after a prolonged period of stagnation.

Amid the selling-offs, Beximco Ltd’s share price closed at Tk72.3 each yesterday.

Before the floor price was lifted, Beximco shares stood at Tk110.1 each, meaning the stock has lost Tk37.8 per share, or more than 34%, over the period.

Investors in Beximco Ltd and Islami Bank had remained stuck for around three years and seven months after the Bangladesh Securities and Exchange Commission imposed floor prices in October 2022 amid the fallout from the Russia-Ukraine war, acute dollar shortages, rising inflationary pressures, and a prolonged downturn in the domestic stock market.

Prior to that, the regulator had first introduced the floor price mechanism on 19 March 2020 during the Covid-19 pandemic, when global financial markets were experiencing severe volatility.

Although the BSEC later gradually lifted the floor price from almost all listed stocks, Beximco and Islami Bank remained under the artificial pricing mechanism.

Market participants repeatedly urged the regulator to remove the floor prices on the two stocks, but the previous commissions did not take any steps in that regard.

Source: The Business Standard

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The post Islami Bank shares bounce back, hit upper circuit for second straight day first appeared on CSSL.

Strict actions against those involved in stock market scandals, finance minister tells parliament

csslblog — Wed, 10 Jun 2026 03:40:09 +0000

Shibli banned for life, Salman F Rahman fined Tk100 crore, he says.

Finance and Planning Minister Amir Khosru Mahmud Chowdhury. Photo: TBS

Finance Minister Amir Khosru Mahmud Chowdhury has informed parliament that the government has taken a tough stance against major irregularities and scandals in the capital market.

He said legal action has been taken against individuals and institutions involved in several high-profile cases of financial misconduct and market manipulation during the Awami League regime.

According to the finance minister, the reconstituted Bangladesh Securities and Exchange Commission (BSEC) has completed inquiries and investigations into 12 separate incidents.

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Responding to a question from Sirajganj-1 lawmaker Md Selim Reza in parliament today (9 June), he said a five-member special investigation committee formed by the BSEC after 5 August 2024 had submitted reports on various irregularities. Based on those findings, punitive measures have been taken against a number of individuals and organisations.

He said investors had suffered due to long-running irregularities and market manipulation in the stock market. The current government is working to ensure proper investigations and accountability for those responsible.

The finance minister told parliament that one of the most notable actions involved former BSEC chairman Shibli Rubaiyat-Ul-Islam. Following investigations into the Beximco Green Sukuk and IFIC Guaranteed Township Green Sreepur Zero Coupon Bond issues, he was declared permanently ineligible and banned for life from all capital market-related activities in Bangladesh.

The investigation findings were also forwarded to the Anti-Corruption Commission (ACC) for possible money laundering allegations against him. Former BSEC commissioner Shamsuddin Ahmed was also banned from market activities for five years in connection with the same investigation.

In a separate action relating to the IFIC Guaranteed Township Green Sreepur project, former prime minister Hasina’s private industry and investment adviser and former IFIC Bank chairman Salman F Rahman was permanently barred from capital market activities and fined Tk100 crore.

In the same case, former IFIC Bank vice-chairman Ahmed Shayan Fazlur Rahman received a lifetime ban and a Tk50 crore fine.

The finance minister said that as of 13 May 2026, authorities had completed 114 inquiries, 12 investigations and 64 inspections related to stock market scandals and market manipulation.

During this period, fines totalling Tk1,496.64 crore were imposed on various individuals and institutions. At the same time, 675 enforcement actions were carried out, while 16 matters were referred to the ACC and other relevant agencies for further investigation.

In connection with market manipulation, Beximco Limited, Md Abul Khayer Hiru and others were fined a combined Tk700.63 crore.

The appointment of LR Global Asset Management Company as manager of certain mutual funds has also been cancelled.

In addition, several former officials of IFIC Investments Limited, including its former chief executive officer, have been banned for various periods and fined. Several credit rating agencies have also been penalised.

In relation to irregularities involving Quest BDC, LR Global Asset Management’s responsibility for managing mutual funds was revoked, while one of the firm’s senior executives was permanently barred from the market.

Separate investigations have also been conducted into Ring Shine Textiles, Fortune Shoes, ACME Pesticides and Al-Amin Chemical. In some cases, show-cause hearings have been completed, while others have been referred to the ACC over allegations of corruption and money laundering.

The finance minister noted that the commission is currently unable to take action in a case involving the IPO of Best Holdings due to a court stay order. However, the matter has been referred to the ACC.

Investigations involving Coppertech Industries, Chittagong Stock Exchange and ABG Limited are also ongoing. The commission will take final decisions after completing further reviews.

The finance minister further said that several new regulations are being drafted to strengthen transparency and accountability in the capital market. These include a whistleblower protection regulation, corporate governance regulations, an audit firm registration policy and corporate restructuring guidelines.

He added that regular investor education programmes are being conducted to raise awareness. Educational content is being disseminated through television, social media and online platforms, while training programmes are also being carried out across the country.Shibli banned for life, Salman F Rahman fined Tk100 crore, he says.