MP Demands Justice for Alleged Stock Market Looting

During the inaugural session of the Thirteenth National Parliament, Member of Parliament Rumin Farhana raised grave concerns regarding historical irregularities within the country’s capital markets. Speaking on Thursday morning in a session presided over by Speaker Hafiz Uddin Ahmed Bir Bikrom, she formally demanded the prosecution of those responsible for the systematic misappropriation of funds from the stock market.

Allegations of Large-Scale Financial Misconduct

Rumin Farhana alleged that over the past 15 years, more than Tk 1 lakh crore has been looted from the stock market. She asserted that this capital belonged to ordinary citizens—retail investors who had committed their life savings and hard-earned assets to the market in hopes of securing their financial futures. According to her statement, this vast sum was siphoned off by a “special interest group” that has consistently operated outside the reach of the law.

The MP emphasised that despite the magnitude of the financial loss, no significant legal action has been taken against the perpetrators. “These are the savings of common people,” Farhana stated, highlighting the lack of accountability that has persisted for over a decade.

Structural Reforms and Accountability

Addressing the Finance Minister, the Member of Parliament urged the government to hold the looters accountable and ensure they face the judicial process. Beyond criminal prosecution, she focused on the necessity of institutional reform to prevent future occurrences of such volatility and fraud.

A primary focus of her address was the Bangladesh Securities and Exchange Commission (BSEC), the primary regulatory body for the nation’s capital markets. Farhana argued that restoring investor confidence requires a complete overhaul of the leadership within the commission. She called for the appointment of “qualified and competent individuals” to the BSEC to ensure transparency, oversight, and a stable investment environment.

Historical Context of Market Volatility

The allegations brought forth in the Thirteenth Parliament mirror long-standing grievances regarding the vulnerability of the Dhaka and Chittagong stock exchanges. Historically, the market has seen significant crashes, most notably in 2010-2011, which led to the formation of the Ibrahim Khaled Probe Committee. That committee’s report previously identified various forms of market manipulation, including “pump and dump” schemes and serial trading.

Rumin Farhana’s recent address suggests that the systemic issues identified in previous years have not been adequately resolved, leading to a continued erosion of public trust. By demanding the Finance Minister take direct action, she underscored that the recovery of the capital market is contingent upon the removal of politically or economically influential syndicates that interfere with fair trading practices.

The session concluded with a reiterate call for the government to prioritise the protection of small-scale investors and to implement rigorous vetting processes for all regulatory appointments moving forward.