BSEC going for full automation to reduce stock manipulation

The Bangladesh Securities and Exchange Commission (BSEC) is going for full automation of all its processes as part of efforts to control manipulation in the stock market.

"The main target is to stop manipulation at the start," said Saifur Rahman, an executive director of the BSEC.

Manipulation is taking place in every stock market in the world, so it cannot be said that it will be stopped totally, he said.

"Because if we cut one way of manipulation, they innovate new techniques of doing it."

The commission is not sitting idle, rather it is working relentlessly, as the new techniques are different from the previous ones, he said.

The BSEC executive director made the comments at a press conference held at the commission's conference room in Dhaka today.

In the press meet, he announced the time schedule of a two-day international meeting, which will start on February 22.

The meeting of the Asia Pacific Regional Committee of International Organization of Securities Commissions will take place at Sheraton Dhaka hotel.

The BSEC's enforcement department is giving punishment every day, he said.

The commission is trying its best to ensure proper and highest punishment to the manipulators, Rahman said.

The stockmarket regulator is also working to amend the securities laws to ensure proper punishment to the manipulators, Rahman added.

Full automation will surely reduce forgery and manipulation in the stock market, said Mohammad Rezaul Karim, spokesperson of the BSEC.

The stockmarket watchdog has taken many steps to reduce manipulation in the last two years, he said.