BSEC fines directors of two companies

FE Report | Published: August 02, 2018 13:05:50


The securities market regulator on Wednesday fined the directors of Delta Spinners and Bengal Fine Ceramics Tk 0.10 million each for breaching the securities rules.

The capital market regulator imposed the penalty at a meeting of the Bangladesh Securities and Exchange Commission (BSEC), presided over by its chairman M Khairul Hossain, said a press release.

The regulator also decided to warn International Leasing Securities and Padma Life Insurance for violating the rules.

The securities market regulator fined Tk 0.10 million each directors of Delta Spinners (baring nominated and independent ones) as the BSEC inspection found that the firm committed a number of irregularities in expenses of rights issue money.

The BSEC also fined Tk 0.10 million to each directors of Bengal Fine Ceramics (excepting nominated and independent ones) as the company failed to submit its audited financial statements for the year ended on June 30, 2015 and June 30, 2016.

Bengal Fine Ceramics, which was de-listed from the bourses, also failed to provide first quarter financial statements of September 30, 2015 and September 30, 2016 and half-yearly reports of December 31, 2015 and December 31, 2016 and third quarter financial statements of March 31, 2016 and March 31, 2017.

The regulator also decided to warn International Leasing Securities as the company failed to provide buy-sell orders in written of its clients during the inspection period.

The BSEC also decided to warn Padma Life Insurance as the company did not provide its audited financial statements for the year ended on December 31, 2014, the first quarter financial statement of March 31, 2015, half-yearly financial report of June 30, 215 and third quarter financial statements that ended on September 30, 2015.

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