BSEC imposes lifetime ban on Salman F Rahman, Shibli Rubayat from capital market

The Bangladesh Securities and Exchange Commission (BSEC) has permanently barred Salman F Rahman — former chairman of IFIC Bank and vice-chairman of Beximco Group — along with his son Ahmed Shayan Fazlur Rahman, former IFIC Bank vice-chairman, and ex-BSEC chairman Shibli Rubayat-Ul-Islam from participating in the country’s capital market.

In a press release issued Wednesday, the BSEC announced that Salman F Rahman has been fined Tk 1 billion (100 crore), while his son Shayan faces a penalty of Tk 500 million (50 crore), for their roles in what the regulator described as one of the most serious investor fraud cases involving the IFIC Guaranteed Sreepur Township Green Zero Coupon Bond, also known as the ‘IFIC Amar Bond.’

These decisions were taken during the BSEC’s 965th Commission Meeting, held on Tuesday (29 July), chaired by current BSEC Chairman Khondoker Rashed Maqsood.