Bangladesh Securities and Exchange Commission (BSEC), the capital market regulator, has sent show cause notices to two companies owned by cricketer Shakib Al Hasan.
The BSEC sources said after knowing that cricketer Shakib Al Hasan was trading in commodity exchange with gold import license, the regulator sent show cause letters recently.
BSEC has sought information from Reliable Commodities Exchange Company and Burak Commodities Exchange and Company on how they are doing business without the approval of Commodity Exchange.
The letter states that Shakib's two companies are trading in gold futures contracts. A futures contract is an agreement in which the buyer is obliged to buy a certain amount of goods from a certain buyer at a certain price in the future.
This contract can be transferred. This business can be done without holding gold directly in hand. Such a business can only exchange commodities. So far no one has been allowed to trade on the Commodity Stock Exchange in Bangladesh.
Shakib has obtained a gold import license from Bangladesh Bank. Future contracts cannot be traded with that license.
BSEC Commissioner Sheikh Shamsuddin Ahmed told UNB, "No one else BSEC has the power to issue this license ".
But those who are trading in gold do not need BSEC approval again.
Asked about that, Shamsuddin said, "It depends on what kind of business is being done. We do not have to take approval to do all the business. What matters is the pattern. "
Dewan Aminul Islam, co-president of Bangladesh Jewelers Association, said he (Sakib) has license for gold business, he may be given show cause notices, because he was running a commodity exchange business."
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