In the last two months, the Bangladesh Securities and Exchange Commission (BSEC) has fined three individuals and four organizations Tk 1 crore 82 lakh for share price manipulation.
The penalty order mentioned that legal action would be taken if the penalty amount was not deposited within the next 30 days.
According to BSEC sources, Snigdha Equities Limited was fined Tk 1 lakh last July for violating the Securities Act. The organization formed an inspection committee on October 23 last year. And in June, the remaining three individuals and three organizations were fined.
It is known that the Dhaka Stock Exchange (DSE) conducted search activities related to the shares of Mercantile Insurance Company Limited from July 27, 2020, to November 24 of that year. Irregularities related to share transactions were found against the entrepreneurial director of the company, Nuzhat Nahar Trisha. In this context, he has been fined 10 lakh taka.
Earlier, BSEC conducted an investigation related to the share transaction of Regent Textile Mills Limited from April 2, 2017, to July 12 of that year. Irregularities affecting the share price of the company were observed through a series of transactions. In this context, after seven years. Abdul Quader has been fined Tk 1 lakh by BSEC.
Meanwhile, DSE conducted the investigation related to shares of Himadri Limited from April 27 to August 28 last year. It can be seen in this regard, Md. Irregularities in influencing share prices were found against Rafiqul Bari, M/s AR Traders, M/s AB Bricks, and Munir Traders. Given this, BSEC fined them a total of Tk 1 crore 70 lakh. Among these, Md. Rafiqul Bari and M/s AR Traders have been fined Tk 1 crore, Avi Bricks Tk 60 lakh, and Munir Traders Tk 10 lakh.
On the other hand, 32 companies have been warned in the last two months due to violations of securities laws. Among them, Delta Capital, Dhaka Bank Securities, Razzak Securities, Rimon Investment and Securities, Samata Leather Complex, Fu-Wang Ceramic Industries, Confidence Cement, Meghna Cement Mills, GSP Finance Company, Island Securities, Haroon Securities, Dayton Holdings, Mohammad Talha & Co., FAS Finance & Investment, Aramit Cement, Globe Securities, MAH Securities, Azam Securities, Royal Capital, UCB Stock Brokerage, Hedayetullah Securities, Unicap Securities, Mast Comm Nication and ANF Management Company has been warned by BSEC.
Also, last June, BDV Asset Management Company, Alhaj Jahanara Securities Limited, Mika Securities, Moshiur Securities, Dhaka Bank Securities, CMCL Securities, InvestAsia Capital and Asset Management, and Popular Life Insurance Company were warned by BSEC. These houses have been strictly directed to comply with the securities laws in the future.
Source: BSEC.
