The securities regulator has imposed an aggregate amount of penalty worth Tk 51 million on some companies and individuals for their 'active' involvement behind the 'unusual' price hike of two companies' shares.
The probe body of the Bangladesh Securities and Exchange Commission (BSEC) found their involvement behind 'unusual' price hike of shares of Bangladesh Autocars and Legacy Footwear in August last.
The decision of imposing penalty was taken on Tuesday at a meeting held at the BSEC office.
As per the probe report, Abdul Qauyum and Associates, Moinul Haq Khan and associates, Mahfuz Alam, Commerce Bank Securities and Investment, Md. Azimul Islam and Associates had involvement with the unusual price of hike of shares of those two companies.
As per the BSEC decision, Abdul Qauyum and Associates (Abdul Qauyum, Mrs Moriom Nesa and M/s Qauyum & Sons) will have to pay a penalty worth Tk 20 million.
Moinul Haq Khan and Associates (Padma Plus Ltd., Padma Jones and Collarm Lttd. Unit-2 and Rahmot Metal Industries) will have to pay a penalty worth Tk 1.0m.
The regulator has imposed a penalty worth Tk 10 million on Mahfuz Alam.
Md. Azimul Islam associates (Md. Azimul Islam, Lutfun Nessa Islam, Nabila Islam, Azizul Islam, Alif Textile Mills and Baitul Khamur) will pay a penalty worth Tk 20 million.
The securities regulator has taken the decision of issuing warning letter to Commerce Bank Securities and Investment.
As per another BSEC decision, the share trading of Bangladesh Autocars and Legacy Footwear will resume in the main board today (Wednesday).
