NRB Bank Securities faces probe over complaint of misconducts

The securities regulator has decided to conduct an investigation into the affairs of NRB Bank Securities in the interest of the capital market and general investors.

To this effect, the Bangladesh Securities and Exchange Commission (BSEC) on Monday formed a three-member inquiry committee. The committee is to submit a report within 60 days from the day [Monday] of the issuance of the probe order.

BSEC spokesperson Md Abul Kalam said the regulatory decision came following a complaint lodged by an individual.

"Our intelligence team has found prima facie evidence supporting the complaint. The ToR (terms of reference) has been set for the inquiry committee on the basis of the initial findings," Mr Kalam said.

As per the ToR, the inquiry committee will dig up illegal transactions, use of black money, or dealings with related parties, if any, which happened through the NRB Bank Securities.

The committee will examine whether there were violations of securities rules during the ownership change of the company or appointment of new board members.

Any involvement of the company's chairman or any board member in insider trading, or market manipulation, or unlawful share transfer for personal interest will come under the purview of the probe.

The committee will also see if the regulatory guidelines were violated during the appointment of new board members and top executives.

Any unauthorized control or interference will also be subject to scrutiny of the BSEC inquiry committee.

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