The fine of Tk 100,000 each will have to be paid to the stock market regulator by bank draft or pay order within 15 days from the order issued yesterday.

"This is the first such disciplinary action the SEC has taken so far against any bank," SEC executive director Mansur Alam told the news agency.

The bank did not distribute dividends both in terms of cash and bonus shares to shareholder Prof Dr MA Mannan within the specified time frame as per securities rules although the SIBL Board declared dividends for the years from 2000 to 2003.

The SEC also imposed a fine of Tk 10,000 each on all the directors, the managing director and the company secretary for each day's delay in paying the dividends and submission of the compliance report to the commission within seven days.

"It's necessary and the commission should impose penalties on each of the directors, the managing director and the company secretary to ensure market discipline and transparency and public interest," said the SEC order.

After completion of hearing, the commission considered the failure to pay the dividends was intentional, which is a punishable offence.