SEC fines Arafat Securities Tk 1.0m for breaching laws
Monday, 26 July 2010
FE Report
The securities regulator has once again fined Arafat Securities Limited Tk 1.0 million for breaching securities rules, sources said.
The move came after an investigation by the Securities and Exchange Commission (SEC) found that the company indulged in irregular trading..
"Arafat Securities was fined for short selling," the source said Saturday.
Short selling is the selling of stocks not owned by the seller but promised to be delivered.
On June 20 last, the SEC fined Arafat Securities Tk 0.5 million along with two other companies and the directors of four companies for non-compliance of securities related laws.
The fines were slapped after the SEC probes found the involvement of Arafat Securities and other companies and directors in breach of securities laws.
Before this penalty on December 24 of 2009 last, the SEC imposed penalty worth Tk 4.0 million on Arafat Securities and Tk 1.0 million on its owner for irregular trading.
Before imposing penalty the trading of the Arafat Securities was suspended by the SEC on the basis of a complaint for irregular trading.
The SEC then carried out investigation and found its involvement in irregular trading and finally imposed penalty on the company.
The securities regulator has once again fined Arafat Securities Limited Tk 1.0 million for breaching securities rules, sources said.
The move came after an investigation by the Securities and Exchange Commission (SEC) found that the company indulged in irregular trading..
"Arafat Securities was fined for short selling," the source said Saturday.
Short selling is the selling of stocks not owned by the seller but promised to be delivered.
On June 20 last, the SEC fined Arafat Securities Tk 0.5 million along with two other companies and the directors of four companies for non-compliance of securities related laws.
The fines were slapped after the SEC probes found the involvement of Arafat Securities and other companies and directors in breach of securities laws.
Before this penalty on December 24 of 2009 last, the SEC imposed penalty worth Tk 4.0 million on Arafat Securities and Tk 1.0 million on its owner for irregular trading.
Before imposing penalty the trading of the Arafat Securities was suspended by the SEC on the basis of a complaint for irregular trading.
The SEC then carried out investigation and found its involvement in irregular trading and finally imposed penalty on the company.