BSEC cancels pre-opening sessions in bourses
The 10-minute post-closing session will continue
The Bangladesh Securities and Exchange Commission (BSEC) cancelled the 15-minute pre-opening session, which takes place before the day's trading begins on the stock exchanges, because of misuse of the opportunity.
However, the 10-minute post-closing session will continue.
BSEC Commissioner Professor Dr Shaikh Shamsuddin Ahmed confirmed the matter to The Business Standard, but he denied making further comments on the issue.
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Commission sources said the new directive will be effective from next Sunday.
In October 2020, the BSEC approved the pre-opening session and post-opening session applications on both stock exchanges.
Brokerage firms can place share buy-sell orders at the beginning of the transaction in the pre-opening session. The share price can be ordered more or less according to the circuit breaker scheduled there.
There are allegations that several brokerage firms placed unrealistic buy-sell orders using the pre-opening session facility. Panic is created in the market by the buy-sell order of a large amount of shares with the highest price of the circuit breaker.
Sources said that such incidents came to the notice of the BSEC. The commission also warned several investors and brokerage firms about the incidents.
