The securities regulator has imposed fines totalling Tk 863.6 million on six companies and 10 individuals for violating securities trading regulations in December.
Some of the accused had also conducted a series of transactions to manipulate stock prices.
The Bangladesh Securities and Exchange Commission (BSEC) imposed the penalties on completion of hearings by its enforcement department.
Among those penalised, five individuals and two companies were fined Tk 661.5 million for their involvement in manipulating the share price of Bangladesh Finance through coordinated trading activities.
According to the BSEC findings, these accused bagged huge profits by manipulating the share price of Bangladesh Finance through misleading trading activities. These transactions, conducted between August 2020 and April 2021, created a false appearance of active trading.
As a result, Sameer Sekander has been fined Tk 232.5 million. Other individuals include Abu Sadat Md. Sayem, who was fined Tk 170 million, Anika Farheen, who received a Tk 75 million fine, and Maher Sekander, who was fined Tk 4.2 million.
Two companies -- City General Insurance Company and Anwar Galvanizing -- have been fined Tk 8.5 million and Tk 71 million respectively as they sold their shares of Bangladesh Finance without any corporate declarations.
The companies violated a regulation that mandates sponsor-directors to declare their intentions before buying or selling shares of any listed company.
The BSEC has also fined several other individuals and entities for violating insider trading regulations.
As per BSEC decision, Alamgir Kabir has been fined Tk 120 million as he sold shares of Bay Leasing and Investment in breach of insider trading rules.
Mr. Kabir is among the three individuals penalised for the same offence. The two others are former director of Bay Leasing and Investment Prof Suraiya Begum, who has been fined Tk 50 million, and investor Tushar LK Mia who was fined Tk 25 million.
Southeast Bank Capital Services was also been fined Tk 0.5 million for trading in shares of Bay Leasing and Investment in violation of the securities rules.
The BSEC also fined Anwar Securities and Modern Securities Tk 0.5 million and Tk 0.1 million respectively for discrepancies in their consolidated customers' accounts.
Besides, Dewan Salehin Mahmud was fined Tk 4 million as he and his associates were involved in a series of transactions to create an appearance of active trading of the units of Prime Finance First Mutual Fund in November-December, 2023.
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