The Bangladesh Securities and Exchange Commission (BSEC) yesterday fined cricketer Shakib Al Hasan Tk 50 lakh for manipulating the share price of Paramount Insurance in 2023.

Between August 17 and September 19 last year, the share price of Paramount Insurance rose about 84 percent, found a BSEC investigation.

Shakib was fined for breaking securities rules by involving in a serial trading of Paramount Insurance, said a top official of BSEC.

Serial trading, which is prohibited by the securities rules, refers to the purchase and sale of shares between the accounts of the same beneficiary owner (BO) aimed at impacting the share price.

During the period, Shakib bought 10.6 lakh shares of the insurer and sold 10.2 lakh shares, according to the probe report.

In so doing, Shakib gained Tk 90.33 lakh and had an unrealised gain of Tk 4 lakh in that period.

Unrealised gains mean an increase in the value of an asset or investment that an investor has not sold.

The fine comes after the BSEC decided to cancel the appointment of Shakib, also a former member of parliament, as its brand ambassador.

Shakib's e-commerce company Monarch Mart was fined by Tk 1 lakh. His business partner Abul Khayer Hiru, also a government official, was fined Tk 25 lakh. Hiru gained about Tk 41 lakh from the manipulation.

Hiru's father Abul Kalam Matber was fined Tk 10 lakh while he gained Tk 16 lakh. Two business entities -- Eshaal Communication and Lava Electrodes Industries --were fined Tk 76 lakh for their gains amounting to Tk 1.33 crore. Hiru's family has stakes in both entities.

The BSEC also fined Zahed Kamal Tk 1 lakh for his involvement in the manipulation that fetched him about Tk 2 lakh.