Bangladesh Securities and Exchange Commission (BSEC) has fined eight individuals and two companies Tk 83 lakh for manipulation of Janata Insurance shares in the stock market, irregularities in Mithun netting, and violation of the Securities Act by 2 brokerage houses. Recently, the culprits have been informed by letter about the punishment.
Due to irregularities in the stock market. 40 lakhs to Saif Ullah, 20 lakhs to AG Mahmud and SM Motaharul Jahan, 5 lakhs to Hasina Akhtar, 3 lakhs to Rabeya Khatun, chairman of Mithun Knitting, and director Md. Atiqul Haque, Md. Mahbub-ul Haque and Md. Rafiqul Haque was fined Tk 3 lakh, Gateway Equity Resources Tk 5 lakh, and Hillcity Securities Tk 1 lakh. In this case, 8 individuals were fined 77 lakh taka, and 2 institutions were fined 6 lakh taka.
Janata Insurance
From August 17 to August 31, 2021, Janata Insurance’s share was raised from Tk 39 to Tk 62.90 through manipulation. In this case, the rate increases by 23.90 taka or 61 percent. In this manipulation. The commission got the involvement of Saif Ullah, Hasina Akhtar, AG Mahmud, and SM Motaharul Jahan. Because of this. Saif Ullah was fined Tk 40 lakh, AG Mahmud and SM Motaharul Jahan Tk 20 lakh, and Hasina Akhtar Tk 5 lakh.
Gemini knitting
Not submitting the financial accounts, not holding the AGM, not disclosing the land agreement with Bepza even though it has expired, not disclosing the information about the production stop, and other irregularities. For this reason, Rabeya Khatun, chairman of Mithun Knitting, was given 3 lakh taka, and director Md. Atiqul Haque, Md. Mahbub-ul Haque and Md. Rafiqul Haque was fined 3 lakh taka. In this case, 4 people have been fined 12 lakh taka.
At Gateway Equity Resources
(CCA) Violated Securities and Exchange Commission (Stock Dealers, Stock Brokers, and Authorized Representatives) rules by providing false bank information despite lack of funds. Due to this, the company has been fined 5 lakh taka.
