Sabiha Khaleque a sponsor director of Prime Islami Life Insurance Limited was guilty of selling company shares without prior declaration, as well as breaching multiple securities rules

The Bangladesh Securities and Exchange Commission (BSEC) on Wednesday fined a director of Prime Islami Life Insurance Limited, Sabiha Khaleque, with Tk 4 crore for violation of securities laws.

Besides, the stock market regulator also fined all the directors, except for the independent directors, of Quasem Silk Mills and Quasem Textile Mills Limited for violating securities rules.

The securities regulator took the decisions at a commission meeting held in the capital on the day.  BSEC Chairman Prof Shibli Rubayat-Ul- Islam presided over the meeting, according to a BSEC’s official statement.

Sabiha Khaleque was guilty of selling company shares without prior declaration, as well as breaching multiple securities rules.

Each director of Quasem Silk Mills and Quasem Textiles Mills of the over-the-counter (OTC) market were fined Tk1 lakh for breaching various securities rules. Both the companies failed to submit financial statements for three years.