BSEC fines AMAN Cotton

The securities regulator Tuesday slapped a fine worth Tk 1.5 million on the AMAN Cotton Fibrous and its two issue managers for breaching securities rules by submitting fake documents to go public, officials said.

The decision of imposing penalty was taken at a commission meeting chaired by the chairman of the Bangladesh Securities and Exchange Commission (BSEC) Professor M Khailrul Hossain.

The BSEC Executive Director Mohammad Saifur Rahman said AMAN Cotton Fibrous submitted the required papers by forging the receipt of mutation, Duplicate Carbon Receipt (DCR) and land fees to the BSEC for the purpose of going public.

"The company has breached the public issue rules and the Securities and Exchange Ordinance by submitting the fake documents. That's why the company will have to pay a penalty worth Tk 0.5 million," Rahman said.

As per the regulatory decision, the LankaBangla Investments and Unicap Investments, which have appointed the issue manager to AMAN Cotton Fibrous, will also have to a penalty worth Tk 0.5 million each as they issued the due diligence certificate without justifying the company's documents.