2024-09-25 15:10:28
Published: 19:20, 23 September 2024 Updated: 20:04, 23 September 2024
Regulatory body Bangladesh Securities and Exchange Commission (BSEC) has ordered the Dhaka Stock Exchange (DSE) to investigate the reason for the abnormal increase in the share price of Taufika Foods and Lavello Ice Cream PLC, a company listed in the food and ancillary sector in the capital market.
The investigation report has been directed to be submitted to the BSEC within the next 30 working days.
A letter in this regard signed by BSEC Deputy Director Nannu Bhuiyan has been sent to the Chief Regulatory Officer of DSE on Monday (September 23).
According to BSEC’s letter, it is observed that the share price and trading volume of Lavello Ice Cream PLC have fluctuated significantly in recent times, which is considered unusual and suspicious.
In these circumstances, DSE was directed to investigate the transactions of Lavello Ice Cream Plc. It is directed to identify the reasons (including market manipulation, insider trading, and other market abuses) behind such abnormal movements in the share price and trading volume of the said companies. The surveillance department of BSEC has been asked to submit the investigation report within 30 working days from the date of issue of this letter.
The letter also mentions that during the investigation, if the company violates Rules 6 and 8 and Rule 11 of the Securities Exchange Commission (Stock Dealers, Stock Brokers and Authorized Representatives) Rules of Conduct 2000, the same should be immediately reported to the concerned AR/Compliance Officer/CEO.
Dhaka/NT/NH