Southeast Bank director, two others fined for insider trading

The stock market regulator has fined Director of Southeast Bank Alamgir Kabir Tk 120 million for breaching insider trading rules in trading in shares of Bay Leasing and Investment.

He 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 will have to pay a fine of Tk 25 million.

The three people worked together to commit the crime.

Moreover, three brokerage firms have been fined Tk 1.1 million in total.

Southeast Bank Capital Services faces a penalty of 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 deficits in their consolidated customers' accounts.

The Bangladesh Securities and Exchange Commission (BSEC) imposed the fines at a commission meeting on Tuesday, according to a press statement.

It warned board directors, managing director and company secretary of Bay Leasing against not maintaining provisions as per the unaudited financial statements for 2021.

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