The securities regulator fined 13 individuals and six companies Tk 1.34 billion in total for manipulating share prices of Orion Infusion, Orion Pharma and Bangladesh Finance.
The Bangladesh Securities and Exchange Commission (BSEC) decided the action on Tuesday at a meeting at its office. The punitive measures were taken based on inquiry reports prepared by the Dhaka Stock Exchange (DSE).
According to a press release issued by the securities regulator, the shares of Bangladesh Finance were subjected to manipulation in transactions between April and September 2021.
The regulator imposed an aggregate amount of penalty worth Tk 705.7 million on nine individuals and a company namely Anwar Galvanizing for influencing the stock.
Of the individuals, Sammer Sekander alone faces the highest amount of penalty worth Tk 324.5 million, followed by Abu Sadat Md. Sayem and Anika Farheen.
For manipulating the share price of Orion Infusion from June to October 2022, five individuals and two companies will have to pay fines amounting to Tk 602.10 million.
Md. Sohel Alam has been fined the highest amount -- Tk 184 million, followed by Md. Ekhlasur Rahman.
Orion Infusion's share price skyrocketed by Tk 285 each in a month to close at Tk 419 per share on the DSE on September 8, 2022.
For manipulating the share price of Orion Pharma between September and October 2021, the securities regulator penalised an individual and two companies.
The companies, which have been fined, are Nabil Feed Mills and Nbil Naba Feeds.
According to DSE information, Orion Pharma's shares jumped 49 per cent or Tk 41 each in a month to Tk 125.90 per share on September 8, 2022.
At Tuesday's meeting, the securities regulator also decided to conduct a special audit of the last five years' accounts of three listed companies of Beximco Group --- Beximco, Beximco Pharmaceuticals, and Shinepukur Ceramic.
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