2024-09-26 12:42:31
Published: 18:43, 25 September 2024 Updated: 19:37, 25 September 2024
The 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 Islami Bank Plc, a company listed in the banking sector in the capital market.
On Wednesday (September 25), BSEC sent a letter in this regard to the Chief Regulatory Officer of DSE.
The letter mentions that Islami Bank’s share price and transactions have increased recently, which is unusual and suspicious. In this situation, DSE has been ordered to investigate the bank’s transactions. The Bank has been asked to submit an investigation report within 30 working days identifying the reasons for the abnormal increase in the share price and transactions of the bank (including market manipulation, insider trading and other market abuses) within 30 working days.
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 2000, it should be immediately reported to the concerned AR/Compliance Officer/CEO.
According to the market review, on September 19, Islami Bank’s share price was Tk 39.20. It stood at Tk 70.40 at the end of trading on Wednesday (September 25). That is, in 12 working days, the share price of the bank increased by 31.20 taka or about 80 percent.
NT/Rafiq