In announcing that he was resigning as the chairman of the Trinidad and Tobago Stock Exchange and as an Independent Senator, Subhas Ramkhelawan did the right and honourable thing–even if it took him longer to do so than many in this country would have preferred.Ideally, Mr Ramkhelawan should have resigned from both positions when it became clear to him that the investigation by the local Securities and Exchange Commission (TTSEC) was much more than a formality.
The TTSEC began its probe of Mr Ramkhelawan–the founder and CEO of Bourse Securities–shortly after the public furore concerning the purchase and sale of a large number of shares in the First Citizens Initial Public Offer (IPO) by a senior executive of the bank.
Mr Ramkhelawan, the nation's senior active broker, has cited the need to maintain client confidentiality in refusing to publicly disclose whether he acted for both the senior bank executive–Phillip Rahaman, who purchased 659,588 shares at the IPO–and to Rahaman's relatives, who bought 634,588 shares from him on January 14.
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