The public administration ministry is likely to allow government employees to trade in the share market, a reversal of a decades-old rule.

The ministry sent a draft amendment to the Government Servants (Conduct) Rules, 1979, to the law ministry, which vetted and returned it, sources said.

Upon approval from relevant authorities, government employees will be able to buy or sell primary shares or bonds of any company registered with the share market. They, however, cannot indulge in such activities during office hours, according to the draft this correspondent has seen.

"If the government employees are allowed to buy and sell in the stock market, corruption will increase manifold."

— Firoz Mia former bureaucrat

Under the existing rules, government officials are not allowed to engage in trading of stocks.

The government has been trying to amend the existing Government Servants (Conduct) Rules, 1979, for six years, but could not finish the job.

Recently, the move has gained momentum. It comes at a time when some government officials' alleged corruption was reported by the media.

Although government employees are not allowed to trade in the share market, many of them are doing so, claimed sources in the ministry.

NBR official Matiur Rahman, who has recently come under the scanner amid controversy over his huge amount of wealth, has allegedly made a fortune investing in the stock market.

Sources in the Cabinet Division and the public administration ministry said Matiur's case shows how people with influence over public institutions can become a money-making machine.

His case is simple yet intriguing. He entered the share market with insider information, an unlawful practice as per the capital market regulations, to mint money, they said.

"If the government employees are allowed to buy and sell in the stock market, corruption will increase manifold. There are both profits and losses in the speculative market. If an employee incurs losses, that employee may tilt towards corruption. Such an opportunity should not be given at all," former bureaucrat Firoz Mia told The Daily Star yesterday.

Government servants cannot lobby lawmakers, high officials, and political or non-political personalities, who have relationships with the government, to get direct or indirect benefits.

The draft now includes a provision that they cannot even send any electronic message to get any favours.

Officials said the use of electronic messages was mentioned in the draft to block a way of lobbying.

The draft said government servants can be candidates, if the rules allow and upon approval from the appropriate authorities, for posts in non-political organisations.

It also said they cannot join any protest programme violating rules, and they cannot make any statement to the media on behalf of any organisation without any approval.

Officials said if the draft is finally approved with this provision, government employees would require permissions for holding any press conference.

The draft forbids government servants from directly or indirectly visiting any foreign mission or aid agency to get invitation for travelling abroad or to avail training abroad.

As per the existing rules, government employees are not barred from becoming members of any recreational clubs.

Citing the "Boat Club", a high official said the incident involving actress Pori Moni embarrassed the government as a high-ranking official was the president of the club.

A provision has been included in the draft so that government employees cannot be members of clubs where people indulge in "unethical activities".

Sources said the existing rules do not specify what government employees can or cannot do on social media.

However, the draft said the government can take action against its employees if they violate the "Government Employee Discipline and Appeal Rules-2018".

Public Administration Minister Farhad Hossain said the draft was at the final stage, but there would be some changes.

"… I can say that a modern and time-befitting code of conduct will be formulated," he said.