Dhaka, Bangladesh (BBN) – Shortly after issuing a notification asking the public servants to refrain from making investment in the capital market, the government on Wednesday evening withdrew the order.
Government officials confirmed about withdrawal of the notification around 8:00pm, almost an hour after issuance of it.
Earlier, a notification of the Public Administration Ministry referring to rules 15 of the Government Servants (Conduct) Rules 1979 said no government servant shall speculate in investments.
“For the purpose of this sub-rule, the habitual purchase and sale of securities of the notoriously fluctuating value shall be deemed to be speculation in investments,” the notification said.
“No government servant shall make, or permit any member of his family to make any investment likely to embarrass or influence him in the discharge of his official duties,” it noted.
The notification also said no government servant shall make any investment the value of which is likely to be affected by some event of which information is available to him as a government servant and is not equally available to the general public.
“If any question arises whether a security or an investment is of the nature referred to in any of the foregoing sub-rules the decision of the government thereon shall be final,” it added.
The ministry move came two days into a cabinet decision to remind public employees of the investment stipulations.
On Monday, the cabinet decided to remind public employees about the service rules that prohibit involvement in profit-making activities, including stock business, without prior permission, according to reports.
The authorities of the country’s two bourses suspended trading on Tuesday following the media report on “banning government employees from investing their money in the capital market”.
Earlier, in the morning, Chairman of the Securities and Exchange Commission (SEC) M Khairul Hossain claimed that the Cabinet did not take any new decision on investment in the stock market by government officials and employees.
Mr. Khairul hoped that all the confusions, ambiguities and rumors about the matter will be removed with his today’s clarification.
BBN/SSR/AD-18Jan12-11:36 pm (BST)
