The Bangladesh Securities and Exchange Commission (BSEC) has launched an investigation into illicit stock market tipsters who sell unlicensed advice to inexperienced retail investors. Surveillance officials from the BSEC have discovered a number of similar activity online and are investigating them further.
The BSEC wrote to bKash, the largest mobile financial service (MFS) provider, on Wednesday, requesting information about one of its customers who has been illegally collecting monthly subscriptions and other fees from the general public for membership in a telegram group that claims to guarantee profits through its stock trading instructions. The MFS account’s transaction records from January to April were also requested by the regulator for inquiry.
According to BSEC Executive Director and Spokesperson Rezaul Karim, it is prohibited to sell securities buy-sell advice without a regulatory license, and many people and groups do so in the market, with the majority of them being fake.
The BSEC is gathering information on such wrongdoers in order to prosecute them. The regulator appears to be planning a new round of action against tippers who use the cell phone number 01811762369.
Source for more details: