ASSIGNMENT ON INSIDER TRADING

Bangladesh is not an exception to the global malpractice, as the allegation of insider trading is quite common in our stock market this trend has worsened to some extent nowadays mainly due to lack of exemplary punishment. Besides, it is very difficult and, in many cases, almost impossible to prove the allegations of insider-trading with proper proofs and documents.” Analyze with proper justifications.

Introduction:

Bangladesh is not an exception of the global malpractice, as the allegation of the insider trading is quite common in our stock market this trend has worsened to some extent nowadays mainly due to lack of exemplary punishment. The 2010-11 Bangladesh share market scam was a period of instability stock market from 2009 to 2011; the turmoil was in the two Bangladeshi stock exchanges, DSE and CSE. The market went up 62% in 2009, and 83% in 2010, but then went down 10% in January 2011, and a further 30% in February 2011.* The crash is deemed to be a scam** and exacerbated due to government failure. In these two scams was occurred in the time of Awami League . These two scams are the biggest scam in the Bangladesh. The culprits of the scams are very powerful and prestigious in Bangladesh and some of the persons are politician they didn’t get the punishment.

Malpractice:

In the law of torts, malpractice, also known as professional negligence, is an “instance of negligence or incompetence on the part of a professional”[1],[2]

Lawyers: a legal malpractice claim may be brought against a lawyer who fails to render services with the level of skill, care and diligence that a reasonable lawyer would apply under similar circumstances.[3]

Financial professionals: professionals such as accountants, financial planners and stock-brokers, may be subject to claims for professional negligence based upon their failure to meet professional standards when providing services to their clients.[4]

Architects: an architect or construction professional may be accused of professional negligence for failing to meet professional standards in the design and construction of buildings and structures.[5]

Insider Trading:

Insider trading is the trading of a public company’s stock or other securities (such as bonds or stock options) by individuals with access to nonpublic information about the company. In various countries, some kinds of trading based on insider information is illegal. This is because it is seen as unfair to other investors who do not have access to the information, as the investor with insider information could potentially make larger profits than a typical investor could make. The rules governing insider trading are complex and vary significantly from country to country. The extent of enforcement also varies from one country to another. The definition of insider in one jurisdiction can be broad, and may cover not only insiders themselves but also any persons related to them, such as brokers, associates and even family members. A person who becomes aware of non-public information and trades on that basis may be guilty of a crime.[6]

Trading by specific insiders, such as employees, is commonly permitted as long as it does not rely on material information not in the public domain. Many jurisdictions require that such trading be reported so that the transactions can be monitored. In the United States and several other jurisdictions, trading conducted by corporate officers, key employees, directors, or significant shareholders must be reported to the regulator or publicly disclosed, usually within a few business days of the trade. In these cases, insiders in the United States are required to file a Form 4 with the U.S. Securities and Exchange Commission (SEC) when buying or selling shares of their own companies. The authors of one study claim that illegal insider trading raises the cost of capital for securities issuers, thus decreasing overall economic growth.[7] However, some economists, such as Henry Manne, have argued that insider trading should be allowed and could, in fact, benefit markets.[8]

There has long been “considerable academic debate” among business and legal scholars over whether or not insider trading should be illegal.[9] Several arguments against outlawing insider trading have been identified: for example, although insider trading is illegal, most insider trading is never detected by law enforcement, and thus the illegality of insider trading might give the public the potentially misleading impression that “stock market trading is an unrigged game that anyone can play.”[10] Some legal analysis has questioned whether insider trading actually harms anyone in the legal sense, since some have questioned whether insider trading causes anyone to suffer an actual “loss,” and whether anyone who suffers a loss is owed an actual legal duty by the insiders in question.[11] 

Scenery of BangladeshStock Market:

The DSE Broad decreased 37 points or 0.68% since the beginning of 2019, according to trading on a contract for difference (CFD) that tracks this benchmark index from Bangladesh. Historically, the Bangladesh Stock Market (DSE Broad) reached an all-time high of 8918.51 in December of 2010 and a record low of 282.43 in October of 1991.12

Bangladeshi Stock market performance:

Capital market indicators:

The government has effectively kept to a schedule of challenging reforms. As part of this strong government commitment,13 reforms have been rolled out, and there is increasing confidence in the market as the new policies and regulatory incentives under the CMDP 2 and the CMDP 3 gain traction.14 The market has stabilized, as evidenced by the 24%15 increase in market capitalization to about $41 billion (as of July 2016) from $33 billion in February 2011.16 The contribution of the banking sector has shown a healthy reduction of exposure to the stock market and has decreased to 12.6% in July 2016 from 28.8% in December 2010 (Figure 1).17

The rising trend of the DSE index and market capitalization continued during FY2015. At the end of FY2016, the DSE Broad Index stood at 4,507.6, up 1.0% from the previous year’s 4,480.5 (Figure 2).18

With regard to valuation, the DSE average price–earnings ratio was at 14.3 in May 2016. That is certainly more attractive from an investor’s perspective than the average price–earnings ratio of 30.6 at its recent peak in February 2010, highlighting growth potential for investors over the medium term (Figure 3).19

The turnover ratios in 2014 are comparable with the levels recorded during 2004–2006, at which time the market had been functioning in a stable environment. The DSE average daily turnover as a percentage of market capitalization on 11 August 2016 was 0.16% as compared to a high of 0.73% on 6 December 2010 (Figure 4).20

A total of 17 companies floated IPOs in 2015. There were also 17 such offerings in 2014 and in 2013. As a result, the number of listed companies at the DSE increased to 559 in December 2015 from 542 as of December 2014 (Figure 5).21

Bangladesh share market scam:

The 2010-11 Bangladesh share market scam was a period of instability stock market from 2009 to 2011; the turmoil was in the two Bangladeshi stock exchanges, DSE and CSE. The market went up 62% in 2009, and 83% in 2010, but then went down 10% in January 2011, and a further 30% in February 2011.22 The crash is deemed to be a scam23 and exacerbated due to government failure.

Background:

The stock market was in turbulence throughout much of 2009, with the long bullish trend starting to turn grim.24 The bullish trend was initiated by the end of the two-year political crisis and re-emergence of democracy when Awami League won the December 2008 polls,25 and was largely unaffected by the BDR Mutiny.26 The market was heavily aided by the entrance of Grameenphone into the capital market, when the index rose by 22% over a single day on 16 November 2009.27 Share prices continued to fluctuate, reaching the annual high in mid-200928 before plummeting by the end of 2009, with retail investors threatening a hunger strike.29 Notable that, Bangladesh also faced such a stock market crash in 1996. Coincidentally, Awami League have been at government during both of the crashes.30

Slump:

By the end of 2010, it was well known that the capital markets of Bangladesh well overvalued and overheated.31,32 The central bank had taken measures to cool the market down and control inflation by putting a leash on the liquidity.33

The conservative monetary measures adversely affected the capital market, with the market falling once on 13 December by 285 points,31 over 3% of the DGEN Index which stood at around 8,500 points. The capital markets suffered a second fall on 19 December, with the index falling a further 551 points, or about 7%.31,32,33 This 7% fall in the Dhaka Stock Exchange’s index on a single day was the largest fall in the 55-year history of the Exchange,33 surpassing the fall of the 1996 market crash.33 This fall was deemed ‘normal’ by analysts, who believed the market was overvalued.32

Investors took to the streets with protests. Random objects like wood and papers were set on fire in front of the DSE office in Motijheel33, 34

Immediate measures were taken by the regulatory body the Bangladesh Securities and Exchange Commission, which, together with the Bangladesh Bank, laxed its earlier conservative measures to pacify the fall.35 As a result, the market ameliorated the next day by 1.9%.36

Within December 2010 and January 2011, the DGEN index fell from 8,500 by 1,800 points, a total 21% fall,37 with masterminds of the crash making about BDT 50 billion ($ 667 million) out of the scam.38

The market fell by 5% on 12 June,39 before taking a 4% plunge on 11 October,40 sending the market into further turmoil. The fall finally triggered small investors to go on a fast-unto-death on 16 October after forming the Bangladesh Capital Market Investors’ Council.41 Opposition politicians declared their solidarity with the protesters.42 The market stood at around 5,500 index points in October 201143 from 8,900 only a year ago.44

Protests continued throughout the months, the most recent ones taking place in front of the DSE office in November 2011, with protesters sitting in throughout nights.45, 46

Protests:

Protests on the streets started becoming a common scene contiguous to the DSE office.47 The protests continued for days in January and February,48,49,50 often resulting in clashes between the police and the protesters.48,49

After the market fell further subsequently, small investors started going on hunger strikes separately, before forming the Bangladesh Capital Market Investors’ Council on 16 October and going on a fast-unto-death.51 Opposition politicians declared their solidarity with the protesters.52

Protesters stayed overnight by the DSE office starting 16 October53 and were dispersed on day two by the baton-charging police.54 Protesters, including the head of the Council, were arrested, although the police denied arresting any protester.55 Protesters also demanded complete trade suspension at the DSE until the Prime Minister intervened to fix the market.56

Finance Minister Muhith faced staunch criticism for the handling of the market crash;57,58he admitted his failure in attending the debacle.59 He also attracted criticism for refusing to disclose the names of those accused of chicanery by the probe committee in April 2011. Protests were also fueled by the Finance Minister’s comments on the secondary markets in October 2011, when he said, “I don’t know how it will get right.”60 Opposition and protesting investors had called for his resignation.61

Bailout:

The market stabilization fund (MSF) was conceived by the Bangladesh Association of Banks (BAB) in late October 2011 as a method to increase liquidity in the market and increase share prices, worth BDT 50 billion ($ 667 million).62 Banks have reportedly kept buying shares despite suffering from liquidity crises themselves, and not selling any shares.63 However, share indices kept plummeting throughout the time period.64 However, prices rose by 7% ahead of the Prime Minister’s emergency meeting about the market.65

Analyze:

The 2010-11 Bangladesh share market scam was a period of instability stock market from 2009 to 2011; the turmoil was in the two Bangladeshi stock exchanges, DSE and CSE. The market went up 62% in 2009, and 83% in 2010, but then went down 10% in January 2011, and a further 30% in February 2011.66The crash is deemed to be a scam67 and exacerbated due to government failure. In these two scams was occurred in the time of Awami League . These two scams are the biggest scam in the Bangladesh. The culprits of the scams are very powerful and prestigious in Bangladesh and some of the persons are politician. In foreign country get exclusive punishment but in case of Bangladesh they didn’t get the punishment.

A probe committee was formed to investigate the stock market crash on 24 January 2011,68 with former Bangladesh Bank Governor Ibrahim Khaled heading the four-man high-powered committee.69

The committee provided their findings after three months, on 7 April. It identified an array of chicanery performed by some 60 influential individuals that resulted in the recent market crash.70 The committee interviewed all members of both the DSE and CSE, and consulted journalists and analysts before presenting their report.71The committee found various irregularities, including the existence of omnibus accounts, that allowed some market players to make exorbitant profits at the expense of the retail investors.72 Among the 60 identified primarily included chairman of Beximco and the mastermind of the 1996 market crash Salman F Rahman, former DSE president Rakibur Rahman, SEC chairman Ziaul Khandaker, SEC member Mansur Alam and BNP politician Mosaddek Ali Falu.73 The report mentioned that pro-government business tycoons, including Salman and Rakibur, exerted influence within the SEC by influencing the appointment of its members.74The report ended with recommendations to reform the SEC drastically75 and asked the government to publish the names of the influential players and to remain cognizant in countering their influences.76

The report resulted in the dismissal of SEC chairman Ziaul along with other SEC members accused.77 However, the Finance Minister AMA Muhith stated that the State would neither disclose the names of the accused officially nor take punitive measures without further investigation,78 although no dates for fresh probes have been declared.

Conclusion:

After the amazement we saw that the report resulted in the dismissal of SEC chairman Ziaul along with other SEC members accused. However, the Finance Minister AMA Muhith stated that the State would neither disclose the names of the accused officially nor take punitive measures without further investigation, although no dates for fresh probes have been declared.

Bibliography:

  • Chowdhury, Syed Tashfin (12 October 2011). “Bangladesh starts market rescue fund”. Asia Times Online. Retrieved 18 October 2011.
  • Top B’deshi panel to probe stock market debacle as shares rise”. IBN Live. 25 January 2011. Archived from the original on 26 January 2013. Retrieved 18 October 2011.
  • Malpractice definition, Garner, Bryan A. (2009). 
  • “Malpractice”. Merriam-Webster.com.Merriam-Webster, Inc. Retrieved 7 December 2017
  • Black’s Law Dictionary (9 ed.). West. ISBN 0314199497. Retrieved 7 December 2017.
  • Larson, Aaron (14 October 2017). “What is Malpractice”. Expert Law. Retrieved 7 December 2017.
  • https://en.wikipedia.org/wiki/Insider_trading
  • “The World Price of Insider Trading” by Utpal Bhattacharya and Hazem Daouk in the Journal of Finance, Vol. LVII, No. 1 (February 2002)
  • Matthews, Dylan (2013-07-26). “Insider trading enriches and informs us, and could prevent scandals. Legalize it”. Washington Post. ISSN 0190-8286. Retrieved 2018-02-02.
  • Klein, Ramseyer& Bainbridge (2018), p. 481.
  • https://tradingeconomics.com/bangladesh/stock-market
  • Internship_Report_On_Current_Stock_Marke.pdf
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  • Chowdhury, Syed Tashfin (12 October 2011). “Bangladesh starts market rescue fund”. Asia Times Online. Retrieved 18 October 2011.
  • Top B’deshi panel to probe stock market debacle as shares rise”. IBN Live. 25 January 2011. Archived from the original on 26 January 2013. Retrieved 18 October 2011.
  • “Bulls on a leash”. The Daily Star. 12 July 2009. Retrieved 18 October 2011.
  • “Dhaka stocks’ gain extended for sixth straight day”. The Financial Express. 5 January 2009. Retrieved 18 October 2011.
  • “Stocks reel under mutiny fallout”. The Daily Star. 1 March 2009. Retrieved 18 October 2011.
  • Sarwar A Chowdhury; Gazi Towhid Ahmed (16 October 2011). “A struggle to fix flaws in index”. The Daily Star. Retrieved 20 October 2011.
  • “DGEN pulls off record points”. The Daily Star. 29 June 2009. Retrieved 18 October 2011.
  • Retail investors go on hunger strike tomorrow”. The Daily Star. 28 December 2009. Retrieved 18 October 2011.
  • “Fresh innocents to the slaughter”. The Economist. 18 January 2011.
  • “‘500-point fall only normal'”. bdnews24.com. 20 December 2010. Retrieved 18 October 2011.
  • Bhuiyan, Enayet Rasul (23 December 2010). “Reconstructing the market”. The Financial Express. Retrieved 18 October 2011.
  • “Record stock fall sparks protests”. The Daily Star. 20 December 2010. Retrieved 18 October 2011.
  • “Bangladesh markets rebound from deepest slump”. Reuters. 20 December 2010. Retrieved 18 October 2011.
  • “Bangladesh markets rebound from deepest slump”. Reuters. 20 December 2010. Retrieved 18 October 2011.tober 2011.
  • Probe panel finds massive manipulation at Bangla stock market”. India Times. 7 April 2011. Retrieved 18 October
  • Price fall triggers protest”. The Daily Star. 12 October 2011. Retrieved 20 October 2011.
  • Stocks protest rolls into the night”. bdnews24.com. 17 October 2011. Archived from the original on 27 December 2011. Retrieved 20 October 2011.
  • “Police disperse Motijheel protesters”. bdnews24.com. 17 October 2011. Archived from original on 2 April 2012. Retrieved 20 October 2011.
  • “Clashes in streets of Dhaka as stock market tumbles”. RFI France. 10 January 2011. Archived from the original on 7 January 2013. Retrieved 18 October 2011.
  • Ahsan, Mohammad Badrul (4 November 2011). “Occupy which street?”. The Daily Star. Retrieved 16 November 2011.
  • “Motijheel sees yet another rowdy protest by investors”. 15 November 2011. The Financial Express. Retrieved 16 November 2011.
  • “Record stock fall sparks protests”. The Daily Star. 20 December 2010. Retrieved 18 October 2011.
  • “Strike cripples Bangladesh cities”. Al Jazeera. 7 February 2011. Retrieved 18 October 2011.
  • “Stocks protest rolls into the night”. bdnews24.com. 17 October 2011. Archived from the original on 27 December 2011. Retrieved 20 October 2011.
  • bdnews24.com. 17 October 2011. Archived from the originalon 2 April 2012. Retrieved 20 October 2011
  • “Stock investors demand trade suspension”. The Daily Star. 19 October 2011. Retrieved 20 October 2011.
  • “Muhith must resign for stock crash”. The Daily Star. 24 January 2011. Retrieved 18 October 2011.
  • “I won’t resign: Muhith”. bdnews24.com. 20 June 2011. Archived from the original on 21 March 2012. Retrieved 18 October 2011.
  • “Stock crash: Muhith admits mistakes”. The Independent Bangladesh. 22 January 2011. Archived from the original on 31 March 2012. Retrieved 18 October 2011.
  • Muhith throws hands up in despair”. bdnews24.com. 18 October 2011. Archived from the original on 1 November 2006. Retrieved 20 October 2011.
  • “Why Muhith in office? asks Khaleda”. bdnews24.com. 20 October 2011. Archived from the original on 2 April 2012. Retrieved 20 October 2011.
  • “BAB plans to launch Tk 50b market stabilisation fund”. Financial Express. 23 October 2011. Retrieved 16 November2011.
  • “Banks pumping money in share market: ABB”. bdnews24.com. 16 November 2011. Archived from the original on 28 May 2012. Retrieved 16 November 2011.
  • “DSE index falls 200 points”. bdnews24.com. 15 November 2011. Retrieved 16 November 2011.
  • “Stocks ride high as PM steps in”. bdnews24.com. 16 November 2011. Retrieved 16 November 2011.
  • Top B’deshi panel to probe stock market debacle as shares rise”. IBN Live. 25 January 2011. Archived from the original on 26 January 2013. Retrieved 18 October 2011.
  • “Top B’deshi panel to probe stock market debacle as shares rise”. IBN Live. 25 January 2011. Archived from the original on 26 January 2013. Retrieved 18 October 2011.
  • Rejaul Karim Byron; Md Fazlur Rahman (9 April 2011). “Finger pointed at 60 individuals”. The Daily Star. Retrieved 14 October 2011.
  • “Top B’deshi panel to probe stock market debacle as shares rise”. IBN Live. 25 January 2011. Archived from the original on 26 January 2013. Retrieved 18 October 2011.
  • Rejaul Karim Byron; Md Fazlur Rahman (9 April 2011). “Finger pointed at 60 individuals”. The Daily Star. Retrieved 14 October 2011.
  • “Probe panel finds massive manipulation at Bangla stock market”. India Times. 7 April 2011. Retrieved 18 October2011.
  • Rejaul Karim Byron; Md Fazlur Rahman (9 April 2011). “Finger pointed at 60 individuals”. The Daily Star. Retrieved 14 October 2011.
  • 77″Further probe needed before action: Muhith”. The Daily New Age. 9 April 2011. Archived from the original on 25 April 2012. Retrieved 14 October 2011.
  • 78Karim, Anwarul (8 April 2011). “Probe report mentions 20 masterminds of stock-market scam”. Banglanews24.com. Archived from the original on 18 January 2013. Retrieved 14 October 2011.

*Chowdhury, Syed Tashfin (12 October 2011). “Bangladesh starts market rescue fund”. Asia Times Online. Retrieved 18 October 2011.

**Top B’deshi panel to probe stock market debacle as shares rise”. IBN Live. 25 January 2011. Archived from the original on 26 January 2013. Retrieved 18 October 2011.

[1]Malpractice definition, Garner, Bryan A. (2009). 

[2]”Malpractice”. Merriam-Webster.com. Merriam-Webster, Inc. Retrieved 7 December 2017

[3]Black’s Law Dictionary (9 ed.). West. ISBN 0314199497. Retrieved 7 December 2017.

[4]Larson, Aaron (14 October 2017).”What is Malpractice”. Expert Law. Retrieved 7 December 2017.

[5] Ibid

[6]https://en.wikipedia.org/wiki/Insider_trading

[7]”The World Price of Insider Trading” by Utpal Bhattacharya and Hazem Daouk in the Journal of Finance, Vol. LVII, No. 1 (February 2002)

[8]Matthews, Dylan (2013-07-26). “Insider trading enriches and informs us, and could prevent scandals. Legalize it”.

Washington Post. ISSN 0190-8286. Retrieved 2018-02-02.

[9] Klein, Ramseyer& Bainbridge (2018), p. 481.

[10] Ibid

[11]Klein, Ramseyer& Bainbridge (2018), p. 481.

12 https://tradingeconomics.com/bangladesh/stock-market

13 Internship_Report_On_Current_Stock_Marke.pdf

14 Ibid

15 Dhaka stock exchange

16 https://www.adb.org/sites/default/files/publication/202051/sawp-048.pdf

17 Dhaka stock exchange

18Ibid

19IDhaka Stock Exchange.

20 Ibid

21 Dhaka Stock Exchange.

22  Chowdhury, Syed Tashfin (12 October 2011). “Bangladesh starts market rescue fund”. Asia Times Online. Retrieved 18 October 2011.

23Top B’deshi panel to probe stock market debacle as shares rise”. IBN Live. 25 January 2011. Archived from the original on 26 January 2013. Retrieved 18 October 2011.

24″Bulls on a leash”. The Daily Star. 12 July 2009. Retrieved 18 October 2011.

25“Dhaka stocks’ gain extended for sixth straight day”. The Financial Express. 5 January 2009. Retrieved 18 October 2011.

26  “Stocks reel under mutiny fallout”. The Daily Star. 1 March 2009. Retrieved 18 October 2011.

27 Sarwar A Chowdhury; Gazi Towhid Ahmed (16 October 2011). “A struggle to fix flaws in index”. The Daily Star. Retrieved 20 October 2011.

28  “DGEN pulls off record points”. The Daily Star. 29 June 2009. Retrieved 18 October 2011.

29Retail investors go on hunger strike tomorrow”. The Daily Star. 28 December 2009. Retrieved 18 October 2011.

30  “Fresh innocents to the slaughter”. The Economist. 18 January 2011.

31″‘500-point fall only normal'”. bdnews24.com. 20 December 2010. Retrieved 18 October 2011.

32 Bhuiyan, Enayet Rasul (23 December 2010). “Reconstructing the market”. The Financial Express. Retrieved 18 October 2011.

33″Record stock fall sparks protests”. The Daily Star. 20 December 2010. Retrieved 18 October 2011.

34  “Bangladesh markets rebound from deepest slump”. Reuters. 20 December 2010. Retrieved 18 October 2011.

35 Bhuiyan, Enayet Rasul (23 December 2010). “Reconstructing the market”. The Financial Express. Retrieved 18 October 2011.

36″Bangladesh markets rebound from deepest slump”. Reuters. 20 December 2010. Retrieved 18 October 2011.tober 2011.

37Probe panel finds massive manipulation at Bangla stock market”. India Times. 7 April 2011. Retrieved 18 October

38 ibid

39Price fall triggers protest”. The Daily Star. 12 October 2011. Retrieved 20 October 2011.

40 Ibid

41Stocks protest rolls into the night”. bdnews24.com. 17 October 2011. Archived from the original on 27 December 2011. Retrieved 20 October 2011.

42Ibid

43″Police disperse Motijheel protesters”. bdnews24.com. 17 October 2011. Archived from original on 2 April 2012. Retrieved 20 October 2011.

44 “Clashes in streets of Dhaka as stock market tumbles”. RFI France. 10 January 2011. Archived from the original on 7 January 2013. Retrieved 18 October 2011.

45 Ahsan, Mohammad Badrul (4 November 2011). “Occupy which street?”. The Daily Star. Retrieved 16 November 2011.

46“Motijheel sees yet another rowdy protest by investors”. 15 November 2011. The Financial Express. Retrieved 16 November 2011.

47 “Record stock fall sparks protests”. The Daily Star. 20 December 2010. Retrieved 18 October 2011.

48  “Clashes in streets of Dhaka as stock market tumbles”. RFI France. 10 January 2011. Archived from the original on 7 January 2013. Retrieved 18 October 2011.

49″Police fired tear gas after Dhaka trading halted again”. Reuters UK. 20 January 2011. Retrieved 18 October 2011.

50″Strike cripples Bangladesh cities”. Al Jazeera. 7 February 2011. Retrieved 18 October 2011.

51″Stocks protest rolls into the night”. bdnews24.com. 17 October 2011. Archived from the original on 27 December 2011. Retrieved 20 October 2011.

52Ibid

53 “Police disperse Motijheel protesters”. bdnews24.com. 17 October 2011. Archived from the originalon 2 April 2012. Retrieved 20 October 2011

54IbId

55 bdnews24.com. 17 October 2011. Archived from the originalon 2 April 2012. Retrieved 20 October 2011

56″Stock investors demand trade suspension”. The Daily Star. 19 October 2011. Retrieved 20 October 2011.

57″Muhith must resign for stock crash”. The Daily Star. 24 January 2011. Retrieved 18 October 2011.

58″I won’t resign: Muhith”. bdnews24.com. 20 June 2011. Archived from the original on 21 March 2012. Retrieved 18 October 2011.

59″Stock crash: Muhith admits mistakes”. The Independent Bangladesh. 22 January 2011. Archived from the original on 31 March 2012. Retrieved 18 October 2011.

60Muhith throws hands up in despair”. bdnews24.com. 18 October 2011. Archived from the original on 1 November 2006. Retrieved 20 October 2011.

61″Why Muhith in office? asks Khaleda”. bdnews24.com. 20 October 2011. Archived from the original on 2 April 2012. Retrieved 20 October 2011.

62″BAB plans to launch Tk 50b market stabilisation fund”. Financial Express. 23 October 2011. Retrieved 16 November2011.

63“Banks pumping money in share market: ABB”. bdnews24.com. 16 November 2011. Archived from the original on 28 May 2012. Retrieved 16 November 2011.

64″DSE index falls 200 points”. bdnews24.com. 15 November 2011. Retrieved 16 November 2011.

65″Stocks ride high as PM steps in”. bdnews24.com. 16 November 2011. Retrieved 16 November 2011.

66Chowdhury, Syed Tashfin (12 October 2011). “Bangladesh starts market rescue fund”. Asia Times Online. Retrieved 18 October 2011.

67 Top B’deshi panel to probe stock market debacle as shares rise”. IBN Live. 25 January 2011. Archived from the original on 26 January 2013. Retrieved 18 October 2011.

68″Top B’deshi panel to probe stock market debacle as shares rise”. IBN Live. 25 January 2011. Archived from the original on 26 January 2013. Retrieved 18 October 2011.

69 Ibid

70Rejaul Karim Byron; Md Fazlur Rahman (9 April 2011). “Finger pointed at 60 individuals”. The Daily Star. Retrieved 14 October 2011.

71″Top B’deshi panel to probe stock market debacle as shares rise”. IBN Live. 25 January 2011. Archived from the original on 26 January 2013. Retrieved 18 October 2011.

72Rejaul Karim Byron; Md Fazlur Rahman (9 April 2011). “Finger pointed at 60 individuals”. The Daily Star. Retrieved 14 October 2011.

73IbId

74 Ibid

75″Probe panel finds massive manipulation at Bangla stock market”. India Times. 7 April 2011. Retrieved 18 October2011.

76Rejaul Karim Byron; Md Fazlur Rahman (9 April 2011). “Finger pointed at 60 individuals”. The Daily Star. Retrieved 14 October 2011.

77″Further probe needed before action: Muhith”. The Daily New Age. 9 April 2011. Archived from the original on 25 April 2012. Retrieved 14 October 2011.

78Karim, Anwarul (8 April 2011). “Probe report mentions 20 masterminds of stock-market scam”. Banglanews24.com. Archived from the original on 18 January 2013. Retrieved 14 October 2011.

Submitted by: Shovon Gharame

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