Staff Reporter: The Bangladesh Securities and Exchange Commission (BSEC) has fined two brokerage houses and an individual a total of Tk 5 lakh for violating securities laws.
The decision was taken at the 658th meeting of the BSEC on Wednesday (January 13).
The two brokerage houses are: Sky Stock Securities Limited, a member of the Chittagong Stock Exchange (CSE) and Subvalley Securities Limited, a member of the Dhaka Stock Exchange (DSE).
At the same time, Authorized Representative of Subvalley Iqbal Hossain has also been fined. These organizations and individuals have been fined a total of Tk 5 lakh.
According to BSEC sources, Sky Securities has violated the directives of the Commission on Margin Lending, including Securities and Exchange Rule 8 (1) of 197. For this reason, the company has been fined two lakh rupees.
Subvalley Securities, on the other hand, violated Securities and Exchange Rules 6 (1) and 4 (1) of 197. Besides, Central Depository Bangladesh (CDBL) has violated Act 8.3.3 (b) and Margin Rule, 1999. For this reason, the company has been fined Tk 2 lakh.
At the same time, the authorized representative of the company Iqbal Hossain has performed the trade without signing the buy-sell order form. In this, he has violated the Securities and Exchange Rule 4 (1) of 1986. For this Iqbal Hossain has been fined Tk 1 lakh.
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