The Bangladesh Securities and Exchange Commission (BSEC) has permanently banned Salman F Rahman, former chairman of IFIC Bank and vice-chairman of Beximco Group, his son Ahmed Shayan Fazlur Rahman, former vice-chairman of IFIC Bank, and former BSEC chairman Shibli Rubayat-Ul-Islam from ever participating in the country’s capital market.

The stock market regulator, in a press release issued Wednesday, stated that Salman F Rahman has been fined Tk100 crore, and his son Shayan Tk50 crore for their involvement in what regulators called one of the most serious cases of investor fraud linked to the IFIC Guaranteed Sreepur Township Green Zero Coupon Bond, also known as the ‘IFIC Amar Bond.’

The decisions were made at the 965th Commission Meeting of the BSEC, held on Tuesday in the commission’s meeting room and chaired by BSEC Chairman Khondoker Rashed Maqsood.

In addition, the then CEO of IFIC Investments Limited, Imran Ahmed, has been banned from all activities in the capital market for 5 years.

It has also been decided to take legal action against the then managing director of the bank, Shah Alam Sarwar.

IFIC Bank PLC has also been warned as an institution in this incident.

In addition, the commission has also decided to warn the then nominated directors of IFIC Bank, ARM Nazmus Shakib, Md. Golam Mostafa, Md Zafar Iqbal (ndc), Kawmrun Nahar Ahmed and the then independent director, Sudhangshu Shekhar Biswas.

BSEC said that the commission will continue to take a strict stance against such irregularities to ensure transparency and good governance in the capital market.