B Mirror Report : The Bangladesh Securities and Exchange Commission (BSEC) has imposed a total fine of Tk 16 crore 10 lakh (161 million) on one individual and three institutions for violating stock market securities laws. Of this amount, Tk 5 crore has been fined on one individual, and Tk 11 crore 10 lakh on the three institutions combined.

These penalties were imposed through four separate orders issued by BSEC’s Enforcement Division. The order against the individual was issued on 16 November, while the orders against the three institutions were issued on 6 November.

The penalized individual is Shah Alam Sarwar, former Managing Director of IFIC Bank, who has been fined Tk 5 crore.

Among the institutions,

• Islam Enterprise has been fined Tk 5 crore 25 lakh,
• Raiyan Trading has been fined Tk 2 crore 73 lakh, and
• Faruk Enterprise has been fined Tk 3 crore 12 lakh.

According to BSEC, after analyzing the share trading patterns of the individual and the institutions, their activities were identified as punishable offenses under Section 22 of the Securities and Exchange Ordinance, 1969, and Section 18 of the Bangladesh Securities and Exchange Commission Act, 1993. Therefore, the Commission has imposed these fines under the authority of the mentioned ordinance and law.

The order further states that the fined individual and institutions must deposit the penalty amount in favor of the Commission through bank draft or pay order within 30 days. Otherwise, further actions will be taken against them as per securities laws.