B Mirror Report: The Bangladesh Securities and Exchange Commission (BSEC) has imposed hefty fines on City Bank, the former fund manager of Agni Systems Limited, and five other individuals for manipulating the company’s share price. According to the January enforcement report, the punitive action was taken for illegally pocketing a substantial amount of money through the manipulation and disrupting market discipline.

Between June and November 2024, within just five months, the share price of Agni Systems was driven up from Tk 24.50 to Tk 41.20 an increase of nearly 68 percent. BSEC’s investigation found that Sanowar Khan, then portfolio manager of City Bank, abused his position and influence to carry out the manipulation through accounts in his own name as well as those of his wife and brother. While the bank incurred a capital loss of Tk 15.5 million, Sanowar and his family made a profit of around Tk 17 million.

As punishment, Sanowar Khan has been fined Tk 15.1 million. His wife, Asmaul Husna, has been fined Tk 100,000, and his brother, Anowar Parvez Khan, Tk 200,000. Three other individuals involved in the manipulation Abu Taher Sikdar, fined Tk 6.2 million; Umme Salma Nipa, Tk 200,000; and Biplob Sheikh, Tk 430,000 have also been penalized by the commission. City Bank has been fined Tk 100,000 as well.

City Bank stated that Sanowar Khan had concealed information regarding his personal and relatives’ trading activities. After the matter came to light, he was removed from his position on August 19, 2025. The bank further claimed that it had no involvement in the manipulation, describing it as the personal misconduct of the portfolio manager.