After Sheikh Hasina’s government fell on August 5, a wave of reforms swept across Bangladesh’s regulatory institutions to address past financial misdeeds. The Bangladesh Securities and Exchange Commission (BSEC) underwent significant changes, with Khondaker Rashed Maksud taking over as chairman on August 19. Under his leadership, the commission identified widespread share manipulation and imposed record fines totaling Tk 722 crore. Research indicates that over Tk 1 lakh crore was siphoned from the capital market during the past 15 years, much of it through fraudulent activities.

Prominent cases include fines against companies and individuals involved in share manipulation. In September, BSEC fined the managing director of Imam Button (now Hami Industries) Tk 1 crore for securities violations. Another case involved eight individuals and firms linked to share manipulation in Karnaphuli Insurance, resulting in Tk 20 lakh in fines. Notable names, such as cricketer Shakib Al Hasan, were fined Tk 50 lakh for involvement in similar misconduct with Paramount Insurance shares.

The highest penalty in a single case was Tk 428 crore against nine entities tied to Beximco Limited’s share manipulation. Other companies like Bay Leasing, Fortune Shoes, Delta Life Insurance, and NRB Commercial Bank faced fines for similar offenses, with penalties ranging from Tk 1 crore to Tk 134 crore. High-profile individuals, including corporate directors and family members, were implicated and fined.

BSEC’s strict actions over the past four months reflect a broader crackdown on regulatory breaches. Companies like BD Finance, Orion Pharma, and Beacon Pharma were fined for share manipulation, while brokerages faced penalties for account discrepancies. Additionally, several entities have been warned of further fines if shareholder dividends are not paid promptly. These measures aim to restore transparency and accountability in the financial sector.