BSEC to take action against two brokerage firms

The stock market regulator has asked its department concerned to take stern action against two brokerage firms for mismatch between inflow and outflow of their clients' funds deposited in the consolidated customers' accounts.
The Bangladesh Securities and Exchange Commission (BSEC) gave the instruction at a meeting on Tuesday.
The securities regulator has instructed its enforcement department to take action against M Securities, a brokerage firm of the Dhaka Stock Exchange (DSE), as there is a deficit in the consolidated customers' account.
The action will be taken as per the section 12 of the Securities and Exchange Commission (Stock-Dealer, Stock-Broker and Authorised Representatives) Rules, 2000.
Earlier, the BSEC had imposed a fine of Tk 50 million on the M Securities and two of its two directors for similar incident.
The securities regulator will also take action against the First Lease Securities, a brokerage firm of the Chittagong Stock Exchange (CSE), for such a mismatch of funds.
At the meeting, the BSEC also approved draft prospectuses of two unit funds.
The unit funds are IDLC Asset Management Shariah Fund and Edge AMC Growth Fund.
The initial size of the IDLC Asset Management Shariah Fund will be Tk 500 million.
Of the fund's total size, Tk 450 million will be collected through sales of units and the remaining Tk 50 million will be contributed by the sponsor of the fund.
The initial size of Edge AMC Growth Fund will be Tk 100 million.
Of Tk 100 million, Tk 90 million will be collected through sales of units.

[email protected]