BSEC to fine seven individuals, firms Tk 44 crore for stock manipulation

Bangladesh's stock market regulator has decided to fine seven individuals and firms Tk 44 crore for their involvement in stock manipulation.

The Bangladesh Securities and Exchange Commission (BSEC), at a meeting today, set the highest fine of Tk 30.32 crore for Sheikh Farook Ahmad for being involved in stock manipulation of Pioneer Insurance in 2021.

For the same company's share manipulation, the regulator decided to fine Mohammad Kamrul Hasan, who was also the then chief financial officer of NRB Bank, Tk 75 lakh.

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The decision was taken to ban Hasan from being involved in any kind of activities in the stock market and from doing jobs in stock market-related firms.

For being involved in manipulation of the stocks of New Line Clothing in 2021, the commission decided to fine Md Riaz Mahmud Sarkar, Abul Bashar, Sarkar Printing and Publishing, Md Selim, and Jamil a total of Tk 17.33 crore.

The regulator also decided to send reports related to the stock manipulation of Fortune Shoes to the Ministry of Finance and the Anti-Corruption Commission so that they can take action against the officials of the Investment Corporation of Bangladesh, a state-run non-bank financial institution, who were involved.

In the same manipulation, Md Abul Khayer and his allies were also involved.

As he is a government official, the BSEC has also decided to request the ACC and the finance ministry to take action against him.