The Dhaka Stock Exchange (DSE) has cracked the whip on Modern Securities Limited, having found a deficit of Tk 70 million in the consolidated customers’ account of the brokerage firm.
The DSE has now given Modern Securities three working days to return the money to their customers' account, also seeking an explanation from the firm's top honchos on the discrepancy within a week.
The DSE's action followed an investigation in the wake of allegations against the brokerage house, reports UNB.
A DSE team, led by Shafiqul Islam Bhuiyan, head and deputy general manager of DSE's monitoring and compliance department, visited the brokerage house on February 9.
Earlier too, at least three brokerage firms -- Banco, Crest, and Tamha Securities -- were caught indulging in the same violation.