Islamic Finance Body to probe breach of SEC rules allegation
Friday, 15 October 2010
FE Report
The Securities and Exchange Commission (SEC) Thursday formed a committee to probe into the allegation of breaching securities rules committed by Islamic Finance and Investment Limited in distributing rights offer.
The committee was formed after the securities regulator received a spate of complaints from the investors.
The two-member body, led by SEC Additional Director Iqbal Hossain, was asked to submit its report within ten days.
An investor in his compliant said, "We are yet to get the offer documents even after expiry of the entitlement period."
The company set April 4 as the record date for the entitlement of the rights offer and stock dividends after getting approval from the SEC.
Earlier, the company declared 25 per cent stock dividend for 2009 and offered one rights share against every two existing shares.
On Thursday, the shares of Islamic Finance and Investment were up by 3.60 per cent.
The Securities and Exchange Commission (SEC) Thursday formed a committee to probe into the allegation of breaching securities rules committed by Islamic Finance and Investment Limited in distributing rights offer.
The committee was formed after the securities regulator received a spate of complaints from the investors.
The two-member body, led by SEC Additional Director Iqbal Hossain, was asked to submit its report within ten days.
An investor in his compliant said, "We are yet to get the offer documents even after expiry of the entitlement period."
The company set April 4 as the record date for the entitlement of the rights offer and stock dividends after getting approval from the SEC.
Earlier, the company declared 25 per cent stock dividend for 2009 and offered one rights share against every two existing shares.
On Thursday, the shares of Islamic Finance and Investment were up by 3.60 per cent.