The securities regulator has fine fined a sponsor shareholder of Prime Islami Life Insurance Tk 40 million for selling shares in breach of rules.
The Bangladesh Securities and Exchange Commission (BSEC) imposed the penalty on Wednesday at a meeting held at the BSEC office.
As per BSEC decision, the sponsor shareholder Sabiha Khaleque will have to pay penalty worth Tk 40 million for selling shares without prior declaration.
As per rules, sponsors, directors and other insiders of a listed company cannot trade shares from two months before the end of its financial year to the date of board approval of the financial report.
“Sabiha sold off shares during prohibition and without any prior declaration breaching provision 4(2), BSEC (prohibition of insider trading) Rules, 1995,” according to BSEC finding.