Shakib’s Gold Business Without Permission, BSEC Seeks Explanations…
The Bangladesh Securities and Exchange Commission has ordered two companies owned by versatile cricketer Shakib Al Hasan to explain their commodity trading activities without obtaining permission.
The companies are Reliable Commodities Exchange Company and Buraq Commodities Exchange Company.
Buraq has a license to import gold, Bangladesh Bank spokesman Serajul Islam said. Reliable does not have a gold import license, but both companies trade gold futures. Gold futures contracts are agreements to buy and sell quantities of gold on a specific date in the future at a fixed price.
Only commodity trading companies can conduct such operations, but no company in Bangladesh is allowed to conduct commodity trading business.
“Only the BSEC has the power to authorize futures contracts,” said Sheikh Shamsuddin Ahmed, commissioner of the equity regulator.
In response to a question about the gold import license, Shamsuddin said, “Not all companies need our license. What matters is the business model.
Citing section 8(4) of the Securities and Exchanges Ordinance 1969, he said a person or company not a member of the stock exchange would not be permitted to enter into commodity futures contracts. and initiate activities.
Dewan Aminul Islam, vice president of the Bangladesh Jewelers Association, said Shakib had a license to trade in gold. “Show cause notices may have been issued for commodity trades.”
Shakib did not respond to requests for comment.
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