Bangladesh Securities and Exchange Commission (BSEC) has banned the sale and transfer of shares held by group chairman Saiful Islam and 25 members of his family in six banks owned by S Alam Group.

The banks are – Islami Bank, First Security Islami Bank, Social Islami Bank, Global Islami Bank, Union Bank and Bangladesh Commerce Bank.

BSEC said in a notification that the ban will also apply to 56 companies under the S Alam Group.

Saiful Alam is currently the chairman of First Security Islami Bank. On the other hand, his son Ahsanul Alam is the Chairman of Islami Bank.

Bangladesh Bank had earlier informed that there were major irregularities in disbursement of some loans of these banks, which are now being investigated. Therefore, the concerned parties of the banks were asked to ban the sale and transfer of shares.

It has been informed in their notification that BSEC has taken this decision on the basis of that instruction.