The previous Chief Financial Officer (CFO) of NRB Bank, Mohammad Kamrul Hasan, in conjunction with Sheikh Faruk Ahmed, has been imposed with a fine of Tk 310.7 million for violating the Securities Act by manipulating share transactions related to Pioneer Insurance Company Limited. Additionally, Mohammad Kamrul Hasan has been prohibited from engaging in the capital market for a period of five years.

This ruling was made during the 972nd commission meeting on Tuesday (September 9), chaired by Khandaker Rashed Maqsood, the Chairman of the Bangladesh Securities and Exchange Commission (BSEC).

The BSEC shared this information through a press release on Wednesday (September 10).

As per the notification, Mohammad Kamrul Hasan, the previous CFO of NRB Bank, has been penalized with a fine of Tk 7.5 million for breaching the Securities Act by manipulating share transactions of Pioneer Insurance Company Limited between April 24, 2021, and September 9, 2021.

Furthermore, it has been resolved to bar him from holding any position, employment, or participating in capital market activities, including securities transactions, for a duration of five years.

At the same time, Sheikh Faruk Ahmed has been fined Tk 303.2 million for his involvement in the manipulation of the aforementioned share transactions, which is a violation of the Securities Act.

The Bangladesh Securities and Exchange Commission (BSEC) has indicated that these legal measures are aimed at maintaining market integrity and protecting investor interests.