Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
The securities regulator has fined seven individual investors and one institution Tk 20 million in total for violating the securities rules and manipulating stock prices.
The Bangladesh Securities and Exchange Commission (BSEC) slapped the fine on them upon completion of hearings based on investigation reports submitted by the Dhaka Stock Exchange (DSE).
As per the regulatory decision, Azad Hossain Patwary will have to pay a penalty of Tk 3.5 million, Md. Saifullah Tk 3 million, Md. AG Mahmud Tk 2.5 million, Chowdhury Khaled Saifullah Tk 3 million, AKM Monirul Hoque Tk 2 million, Salwa Tabassum Hoque Tk 2 million, Wasfia Tabasssum Hoque Tk 2 million, and UKHTANE Enterprise Tk 2 million.
Of them, Monirul Hoque handled BO accounts opened in the name of his daughters -- Ms Salwa and Ms Wasfia -- and UKHTANE Enterprise.
Mr Hoque and his associates jointly acquired more than 10 per cent shares of Nitol Insurance Company in July-September 2020.
As per the rules, an investor is required to inform the stock exchange if he/she holds more than 10 per cent shares of a listed company.
Mr Haque and his associates did not communicate with the stock exchange prior to acquiring the shares.
They also traded huge amounts of shares of Nitol Insurance Company between them, creating a false impression about the demand for the stock.
Mr. Saifullah and AG Mahmud have been fined for manipulating the stock of Index Agro Industries, while Patwary was found involved in manipulating the share price of Beacon Pharmaceuticals.