Regulator fines Biplob Holdings for violation of rules

The stock market regulator has imposed a fine of Tk 500,000 on Biplob Holdings Ltd for violating securities rules.
The Bangladesh Securities and Exchange Commission (BSEC) disclosed the regulation enforcement decisions for November on its website on Wednesday.
It also served warnings to 12 other stock brokerage firms, seven individuals, three companies, and a chartered accountant firm against non-compliance with all securities-related laws in the future.
The punitive action against Biplob Holdings was taken, as the brokerage firm provided loans amounting to Tk 432,000 to its sister concern, Biplob Properties in a breach of rules.
Biplob Holdings also invested in non-listed Alpha Islami Life Insurance in another rules violation.
It provided a clarification to the regulator, but the BSEC was not satisfied with that and slammed the fine.
The regulator also asked Biplob Holdings to pay the fine within 30 days from the issuance of the order through a bank draft/pay order. Otherwise, it will take further actions against the brokerage firm.

[email protected]