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Alleged manipulation of share prices

DSE asked to submit report on two cos

FE Report | Published: September 19, 2019 11:02:24 | Updated: September 20, 2019 11:42:43


The securities regulator has asked the country's premier bourse to submit a report on alleged manipulation of the share prices of two companies to the commission.

The decision was taken on Wednesday at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).

In order to submit the report, the Dhaka Stock Exchange (DSE) will also inspect two companies namely Monno Ceramic Industries and Monno Jute Stafflers.

As per the BSEC decision, the DSE will complete the inspection activities within 14 working days.

And the report on the share price manipulation will have to be submitted to the BSEC within the timeframe mentioned in the listing regulations.

The section 54 (1) of the Dhaka Stock Exchange (Lising) Regulations, 2015 says, "the exchange, on cause, may inspect at any time, if it is necessary to conduct an inspection for the interest of investors, the affairs of any issuer of listed securities with prior approval of the commission and shall report to the commission within fifteen days of completion of such inspection."

The share trading of the Monno Ceramic Industries started in the spot market from September 15 following a BSEC order issued on September 12.

At Wednesday's meeting, the securities regulator also approved Tk 5.0 billion Non-convertible Subordinate Bond to be issued by Standard Bank.

The bank will issue the bond to strengthen its capital base under Tier-II.

The tenure of the bond will be seven years and will be issued to the institutional investors and high net worth individuals only.

The offer price of the bond of the Standard Bank will be Tk 10 million each.

mufazzal.fe@gmail.com

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