The Bangladesh Securities and Exchange Commission (BSEC) has warned four companies and fined one person Tk 10 lakh each for alleged irregularities in the share transactions of Legacy Footwear Limited, Queens South Textile Mills Limited and Bangladesh Auto Cars Limited. The commission has taken this decision considering the level of violation of securities law. The decision was taken at the 741st regular meeting of the commission on Wednesday (September 23).
This was stated in a press release signed by BSEC Executive Director (Acting) and Spokesperson Mohammad Rezaul Karim. According to sources, Abdul Qayyum and his associates, M Securities Ltd. (DSE # 44), Lutfun Nesa and Alif Textiles Ltd. and Messrs. Qayyum & Sons have been warned. And Dr. A. K. M. Kabir Ahmed has been fined Tk 10 lakh.
According to commission sources, Abdul Qayyum and his associates were found to be involved in the alleged irregularities in the share transactions of Legacy Footwear Ltd., Queens South Textile Mills Ltd. and Bangladesh Auto Cars Ltd. mentioned in the report submitted by the investigation team of Dhaka Stock Exchange Ltd. , Mainul Haque Khan and associates (Padma Glass and Rahmat Metal), Dr. AKM Kabir Ahmed, M. Securities Ltd. (DSE # 44), Lutfun Nesa and Alif Textiles Ltd. and Messrs. Qayyum & Sons Securities and Exchange Ordinance, 1989 in violation of Section 18 (e) (v) and M. Securities Ltd: (DSE # 44) Violates Margin Rule 1999.