B Mirror Report: The Bangladesh Securities and Exchange Commission (BSEC) has imposed financial penalties totaling Tk 2.1 million on brokerage firm NBL Securities Limited and its officials after multiple allegations of irregularities were proven.

NBL Securities, a member of both the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE), was found guilty of several violations, including failure to preserve client trading orders, executing transactions without authorization, delays in resolving complaints, and professional misconduct. The decision was taken at a recent commission meeting based on investigation findings.

According to BSEC sources, the investigation was initiated following a complaint filed by an investor named Syed Abu Saleh. The commission’s Enforcement Division uncovered evidence of multiple violations, including unauthorized share transactions and negligence in complaint resolution.

The brokerage firm has been fined Tk 1 million in total. Of this, Tk 800,000 was imposed for violating Rule 3(1) of the Securities and Exchange Rules, 2020, Tk 100,000 for delays in complaint resolution, and another Tk 100,000 for professional misconduct.

In the same incident, the company’s then Managing Director, Zobaed Al Mamun Hasan, was fined Tk 500,000 Tk 300,000 for unauthorized transactions and Tk 200,000 for other regulatory violations.

Additionally, former Manager Ahmed Iftekhar Shahid and Chief Anti-Money Laundering Compliance Officer Farzana Ferdousi were each fined Tk 300,000, bringing the combined penalty for the two officials to Tk 600,000. Similar allegations of misconduct were proven against them.

The BSEC stated that executing share transactions without client consent and failing to maintain proper order records are serious offenses that undermine investor interests and erode confidence in the capital market.

The regulator also noted that failure to resolve complaints within the stipulated timeframe and lack of professional transparency are punishable violations.

The commission has directed its Enforcement Division to take necessary follow-up actions.

Market analysts believe that such strict measures against brokerage irregularities will help restore discipline in the capital market and rebuild investor confidence.

A senior BSEC official said the regulator is maintaining a zero-tolerance policy against market misconduct, adding that no one will be spared if allegations are proven.

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