Salman F Rahman, former adviser to ousted Prime Minister Sheikh Hasina, has been
fined Tk 100 crore (approximately USD 9 million) and permanently banned from participating in Bangladesh’s capital market.
The decision was made at the 965th meeting of the Bangladesh Securities and Exchange Commission (BSEC) on Wednesday.
BSEC Chairman Khondkar Rashid Maksud chaired the meeting.
According to the BSEC, the penalties were imposed following serious violations of capital market regulations during Rahman’s tenure at IFIC Bank. Alongside him, former Vice Chairman of IFIC Bank, Ahmed Shayan Fazlur Rahman, has also been permanently banned and fined Tk 50 crore.
Imran Ahmed, former CEO of IFIC Investments Ltd., has been barred from all forms of capital market engagement for five years. Legal proceedings have also been initiated against Shah Alam Sarwar, the bank’s former Managing Director.
IFIC Bank PLC, as an institution, has received an official warning. Several former board-nominated and independent directors—A.R.M. Nazmus Sakib, Md. Golam Mostafa, Md. Zafar Iqbal (NDC), Kawomrun Nahar Ahmed, and Sudhangshu Shekhar Biswas—have also been
formally cautioned by the commission.
In a statement, the BSEC reaffirmed its firm stance against irregularities and underscored its commitment to ensuring transparency and good governance in the country’s capital markets.
