BSEC imposes restrictions on MTB Securities for 3 IPOs
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FRIDAY, FEBRUARY 03, 2023
BSEC imposes restrictions on MTB Securities for 3 IPOs

Stocks

TBS Report
01 November, 2020, 09:45 pm
Last modified: 01 November, 2020, 09:51 pm

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BSEC imposes restrictions on MTB Securities for 3 IPOs

The securities regulator imposed the restrictions after the MTB Securities violated rules in connection with the IPO application process of Walton Hi-Tech Industries Ltd

TBS Report
01 November, 2020, 09:45 pm
Last modified: 01 November, 2020, 09:51 pm
File Photo.
File Photo.

The stock market regulator has imposed restrictions on the MTB Securities Ltd barring it from participating as an eligible investor in the next three initial public offerings in book building method, said sources.

Besides, the Bangladesh Securities and Exchange Commission (BSEC) has also decided to take a regulatory action in this regard for the interest of investors after a hearing by the Enforcement Department of the commission.

Sources at the commission said the MTB Securities violated securities rules in connection with the IPO application process of Walton Hi-Tech Industries Ltd.

The brokerage firm could not process the public IPO application properly and submit its subscriptions money on time. The company also failed to submit IPO application data to the respective stock exchange within three working days from the cut–off date, added sources.

After that, the stock exchange allowed MTB Securities to finish the process on the next day as per the regulator's permission.

For this reason, the Dhaka Stock Exchange conducted an investigation into the matter and submitted a report to the commission.

The securities regulator decided to impose restrictions on the brokerage firm for three IPOs on the basis of the report.

BSEC Executive Director Mohammad Rezaul Karim said, "The MTB Securities claimed that they could not submit data to the Dhaka Stock Exchange due to IT problems. But the stock exchange found that the consolidated accounts of the company did not have adequate money for applications."

"As a result, we have imposed restrictions on the company barring it from participating as an eligible investor for the next three IPOs and appointed the Enforcement Department to take further action in this regard," he added.

The chief executive officer of the MTB Securities Ltd could not be reached over phone for comments on this matter.

The MTB Securities Ltd is a subsidiary company of the Mutual Trust Bank Limited.

Economy / Top News

MTB Securities Ltd / BSEC

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