Over Tk1 lakh crore looted from stock market in 15yrs: Rumeen Farhana

More than Tk1 lakh crore has been looted from Bangladesh’s stock market over the past 15 years, Brahmanbaria-2 lawmaker Rumeen Farhana said today (30 April).

“This huge amount of money belonged to ordinary people’s savings, which has been looted by a particular group,” she said while placing a proposal to send the Bangladesh Securities and Exchange Commission (Amendment) Bill 2026 for public opinion verification in parliament.

The independent member of parliament (MP) said Bangladesh’s stock market witnessed major crashes in 1996 and 2010, leaving small investors devastated.

“According to the white paper, more than Tk1 lakh crore has been looted from this sector in the past 15 years. Unfortunately, the influential businesspeople or institutions involved in this plunder have never been brought to justice,” she said.

She called for bringing those responsible for the alleged looting under accountability.

The MP also said that people have lost confidence in the capital market amid the current import-export challenges. She urged the appointment of competent and qualified individuals to the Bangladesh Securities and Exchange Commission (BSEC) to restore trust in the market.

Taking part in the discussion, MP Shahjahan Chowdhury said, “Through the 2010 stock market scandal, thousands of crores of taka were laundered abroad. Millions of people lost their capital and were left destitute.”

He objected to the proposed penalties in the bill, which set punishment for such offences at five years’ imprisonment and a fine of Tk5 lakh, calling it inadequate.

He also opposed the removal of the retirement age limit of 65 for BSEC members and proposed sending the bill for public opinion verification. However, the deputy speaker did not accept the proposal due to the absence of a written submission.

Responding to the lawmakers, Finance Minister Amir Khosru Mahmud Chowdhury said, “I agree with every statement made by MP Rumeen Farhana. What has happened in the stock market in the past is extremely unfortunate.”

“We have taken initiatives to restructure the Securities and Exchange Commission to eliminate this plunder and mismanagement,” he added.

The minister said that when the law was enacted in 1993, the average life expectancy was 57 years, which has now increased to 72 years. The amendment is aimed at utilising experienced and competent individuals, he said.

He reiterated the government’s commitment to ensuring transparency and accountability in the capital market, adding that efforts are underway to restore investor confidence and attract international fund managers.

“As there was no opportunity for stock market plunder during the BNP government’s tenure, Inshallah, there will be none this time either,” the minister said.

He further assured that those involved in past irregularities would be brought under accountability.

The bill was later passed by voice vote after discussion. Earlier, it was placed in parliament by the finance minister.