18 persons to face music for share price manipulation

The securities regulator has imposed an aggregate amount of penalty worth Tk 22.70 million on 18 key individuals and their associates for manipulating the share prices of five companies.
The decision was taken a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC) on Tuesday evening.
The penalties were imposed based on the investigation reports prepared by the probe bodies of the securities regulator.
The securities regulator has imposed an aggregate amount of penalty worth Tk 13.50 million on 8 individuals and three companies for their 'active' role in manipulating the share prices of Monno Jute Stafflers, Monno Ceramic Industries, Queen Sourth Textile Mills, Eastern Lubricants and Alif Industries.
According to the BSEC, the former assistant vice president of Commerce Bank Securities and Investment Md. Saiful Islam, the vice president and head of investment of Bangladesh Commerce Bank (BCB) Md. Abdul Halim, the vice president and chief financial officer of the BCB Mohammad Saiful Islam, Abul Qaiyum and their respective associates played an 'active' role behind the abnormal price hike of the shares of those companies.
"They have breached the Securities and Exchange Ordinance, 1969 making the market unrest through the price manipulation," the BSEC said.
As per the regulatory decision, the former assistant vice president of Commerce Bank Securities and Investment Md. Saiful Islam will have to pay a penalty of Tk 5.0 million.
Two vice presidents of Bangladesh Commerce Bank Mohammad Saiful Islam and Mohammad Abdul Halim will have to pay penalty of Tk 2.5 million each.
Of others, Md. Ali Mansur will have to pay a penalty of Tk 1.0 million, Lipika Shaha Tk 0.2 million, Mukul Kumar Shaha Tk 0.1 million, Padma Glass Tk 0.5 million, Abdul Qaiyum Tk 0.5 million, Ms. Moriom Nesa Tk 0.5 million, and M/S Qaiyum & Sons Tk 0.5 million.
As per another decision, three other individuals will have to pay an aggregate amount of penalty worth Tk 7.0 million for their involvement in manipulating the share price of Popular Life Insurance Company.
According to BSEC findings, Mostofa Helal Kabir and his associates played an active role in manipulating the share price of Popular Life Insurance Company.
The associates of Mr. Kabir also breached the securities rules through transactions of the shares of Monno Ceramic Industries during the restricted period.
As per the BSEC decision, Mr. Kabir will have to pay a penalty of Tk 1.0 million.
Of others, Fouzia Yeasmin and Kazi Md. Shahdat Hosen will have to pay the penalty of Tk 1.0 million and Tk 5.0 million respectively.
For manipulating the share price of Monno Jute Stafflers, Saif Ullah will have to pay a penalty of Tk 1.0 million, Md. Abdus Selim Tk 0.5 million and Md. Ziaul Karim Tk 0.5 million.
As per another BSEC decision, Md. Idmun Guda and Md. Mahamuduzzaman will have to pay the penalty of Tk 0.2 million and Tk 0.2 million respectively for breaching the securities rules while conducting the transactions of the shares of Monno Jute Ceramic and Stylecraft.

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