2024-05-22 12:40:40
Capital market regulator Bangladesh Securities and Change Fee (BSEC) has fined 7 people and a corporation Tk 2 crore 70 lakhs for allegedly manipulating the shares of varied firms within the capital market and violating the legislation. As well as, an individual who has been fined has been banned from working in capital market-related establishments for 3 years. This info is understood from BSEC sources.
The businesses whose shares have been manipulated are Beacon Prescription drugs Restricted, Index Agro Industries Restricted and Nettle Insurance coverage Firm Restricted.
On this, Beacon Prescription drugs shares for share manipulation. Amjad Hossain Patwari fined Tk 35 lakh. He manipulated the shares of the corporate between Could and August 2021. Md. Azad Hossain Patwari has immediately or not directly violated Part 17(e)(v) of the Securities and Change Ordinance, 1969. He was instrumental in driving up the share worth of Beacon Prescription drugs by way of a sequence of transactions, which got here to gentle within the BSEC investigation.
Md. for manipulating the shares of Index Agro Industries. Saif Ullah was fined Tk 30 lakh and AG Mahmud Tk 25 lakh. About they’re brothers. Between Could and August 2021, the 2 manipulated the shares of the corporate. These two individuals have been fined by BSEC a number of instances earlier than for inventory manipulation. Buyers of Metropolis Brokerage. A.G. Mahmud and Md. Saif Ullah These two brothers have immediately or not directly violated Part 17(e)(v) of the Securities and Change Ordinance, 1969. They have been instrumental in driving up the share worth of Index Agro Industries by way of a sequence of transactions, which got here to gentle within the BSEC investigation.
AKM Monirul Haque was fined Tk 20 lakh, Salwa Tabassum Haque Tk 20 lakh, Wasifa Tabassum Haque Tk 20 lakh and their firm Ukhtani Enterprise was fined Tk 20 lakh for manipulating the shares of Nettle Insurance coverage. Nonetheless, though they have been fined for manipulation, the mentioned investor Abul Khair Hiru was not fined. Though the corporate owned by Hiru is DIT Co-operative Restricted. There are additionally members of the identical syndicate Paramount Textiles, SBL Capital, Karib Merchants, Shikhti Bekar Kendriya Sangh, Md. Jasim Uddin, Premier Financial institution Capital, Paramount Insurance coverage, AKM Monirul Haque, Sirajul Islam, Hosam Md. Siraj, Maryam Nessa and Ukhtan Enterprises. DIT Co-operative, Paramount Textiles, Karib Merchants, Shikhti Bekar Kendriya Sangh, Md. Jasim Uddin, Premier Financial institution Capital, ICB Unit Fund, ICB, Wasfia Tabassum Haque, Mahmudul Haque Shamim, Salwa Tabassum Haque, Paramount Insurance coverage and Sirajul Islam.
Other than this, Chowdhury Khaled Saifullah, Managing Director of Grameen Capital Administration Restricted, has been fined Tk 1 crore for failure to adjust to the Securities Act and breach of self-discipline within the capital market. On the identical time, he has been banned for 3 years from working in capital market associated establishments. Throughout the inspection of the places of work of Grameen Capital Administration, which is a member of the service provider banks, BSEC discovered varied irregularities, which have been highlighted of their investigation report.