The Bangladesh Securities and Exchange Commission (BSEC) has fined five individuals and four institutions a total of Tk 17.1 million for manipulating the shares of listed tourism and leisure company Sea Pearl Beach Resort & Spa PLC.

The regulator found evidence that the accused individuals and entities acted in collusion in trading the company’s shares, violating Section 17(e)(5) of the Securities and Exchange Ordinance, 1969.

Among the companies, Progressive Hatchery was fined Tk 8 million, Moran Builders and Construction Tk 2 million, while Agro Acres and Horizon Harvest were each fined Tk 100,000.

Five individuals were also fined. Md Abu Sadat Md Sayem was fined Tk 3 million, Md Palash Mia Tk 2 million, Md Shah Imran Hossain Tk 500,000, Md Hedayetul Haque Tk 1.3 million and Deva Sadat Tk 100,000.

According to the BSEC investigation, the irregularities occurred between April 24 and June 30, 2025. Sea Pearl’s share price rose from Tk 36.20 on April 24 to Tk 55.40 on June 26, an increase of Tk 19.20, or around 53 percent, within about two months.

The investigation identified four separate instances of manipulation involving Sea Pearl shares, with similarities in the trading periods and the nature of the alleged violations.

BSEC Executive Director and spokesperson Abul Kalam said allegations of share manipulation involving Sea Pearl had been investigated and proven, resulting in fines against the individuals and institutions concerned.

The regulator said it remains committed to maintaining transparency and discipline in the capital market, adding that its enforcement division would take further action in the case.

Sea Pearl Beach Resort & Spa was listed on the stock market in 2019. The company has been reporting losses despite the sharp rise in its share price during the period under investigation.

In the January-March quarter of the relevant fiscal year, the company reported a loss per share of Tk 0.48, compared with Tk 0.49 in the same period a year earlier. For the first three quarters combined, its loss per share stood at Tk 1.63, against Tk 1.85 in the corresponding period of the previous year.