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Tuesday, January 5, 2010

Cyber Crime In Stock Market

Collection From Financial Express-bd

The Securities and Exchange Commission (SEC) would take action against those, who influenced stock prices by spreading rumours through internet, said a spokesman at a press briefing Monday.

The commission primarily identified some Facebook users, who posted market-related messages in a bid to manipulate share prices.

"Recently, the commission observed that some people using Facebook spread rumour about the stock market to derive personal gain," said Farhad Ahmed, executive director of the SEC.

'We are going to take action against some people, who have already been identified," he said.

The SEC said that it would inform the Face Book authority to take proper initiatives to avert use of their domain for the purpose of rumour spreading. Later, the SEC would take the help of Bangladesh Telecommunications Regulatory Commission (BTRC) and the law enforcement authorities.

"They have a specific target, which is absolutely a punishable offence. At first, we are trying to prevent them from doing this type of things. If they fail to heed, the SEC will impose unlimited penalty on them," Farhad Ahmed said.

The SEC also said the was forbidden on the basis of aforesaid complaints. Later, another website authority begged pardon to the SEC for doing the similar things. The SEC suggested the investors not to rely on the hearsays and rumours spread by the rogues.



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