Bangladesh Securities and Exchange Commission (BSEC) has asked cricket all-rounder Shakib Al Hasan to explain his entrance to the country's gold market without securing prior permission.
The stock market regulator asked Reliable Commodity Exchange Company and Buraq Commodities Exchange Company, two companies owned by Shakib, to clarify their stance and respond by 25 May.
Bangladesh Bank (BB) governor, senior secretary of the Economic Relations Division (ERD) and secretary of the commerce ministry have also been notified of the violation.
The letters, signed by BSEC Assistant Director Md Mosavvir Al Ashick, state that the two aforementioned companies cannot be involved in gold trade as per the Securities and Exchange Ordinance, 1969.
Referring to Section 8 (4) of Securities and Exchange Ordinance 1969, BSEC wrote that a person or company not member of the stock exchange will be barred from entering commodity future contract and launching business.
Thus the companies owned by Shakib have no capacity to trade gold and "No person other than a member shall act as a broker or a
for any security not listed in the Stock Exchange," the letters read.On 22 April, Shakib announced the launching of Swiss made 24K Minted gold bars in variable denominations, in association with local lifestyle brand QRIUS at a showroom in Banani.
According to sources, Shakib's Buraq Commodities Exchange Co did in fact receive approval from BB for legally importing and selling gold bars and ornaments.
However, they did not secure permission from BSEC in this regard, the sources added.
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