• Tuesday, Aug 11 2020
  • Last Update 09:28 am
BSEC fines brokerage house, two investors Tk 29 lakh

BSEC fines brokerage house, two investors Tk 29 lakh

The Bangladesh Securities and Exchange Commission on Tuesday imposed a total of Tk 29 lakh in fine on PFI Securities Limited and two investors of CVO Petrochemical Refinery Limited.The decision of imposing the fines came from a commission meeting presided over by BSEC chairman M Khairul Hossain. The regulator at the meeting imposed penalty on PFI Securities Limited by Tk 25 lakh after an inspection team of the commission found a number of irregularities of the brokerage house. PFI was found to have transacted more than Tk 5 lakh in cash and provided loans in non-marginable shares and shares of Z-category, breaching the securities laws. Besides that, the inspection team found capital shortage in consolidated customer account of the brokerage house. The regulator at the meeting also decided to fine two investors, Abdullah Siddique and Moazzem Hossain Sikder of CVO Petrochemicals Refinery Limited (issuer), Tk 2 lakh each due to violation of securities rules by manipulating share trading.

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