2024-09-16 06:44:27
Published: 17:33, 15 September 2024
Bangladesh Securities and Exchange Commission (BSEC) has directed the Dhaka Stock Exchange (DSE) to investigate the reason for the abnormal increase in the share price of Khan Brothers PP Oven Bag Industries Limited, listed in the textile sector in the capital market. The investigation report has been directed to be submitted to the BSEC within the next 30 working days.
On Sunday (September 15), a letter signed by BSEC Assistant Director Sourav Mallick has been sent to the Chief Regulatory Officer of DSE.
BSEC Director and Spokesperson Farhana Farooqui confirmed this information.
BSEC’s letter stated that it is observed that the share price and trading volume of Khan Brothers PP Oven Bag Industries Limited have fluctuated significantly in recent times, which is considered unusual and suspicious.
In these circumstances, DSEK was directed to investigate the transactions of Khan Brothers PP Oven Bag Industries Limited. 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