Ifad Autos share manipulator fined Tk10 lakh for series trading
Stocks
The Bangladesh Securities and Exchange Commission (BSEC) has fined Solaiman Rubel, a client of brokerage firm AIBL Capital Market Services Ltd, Tk10 lakh for manipulating share prices of Ifad Autos Ltd in 2015.
The decision came in the 737th commission meeting on Wednesday.
The securities regulator said the investor has bought and sold a large number of Ifad Autos shares in three of his investment accounts, which increased turnover but did not change ownership of shares.
Engaging in a series of transactions intended to manipulate price, is, of course, a violation of securities law, it added in the meeting.
BSEC also fined Gateway Equity Resources Ltd, a DSE brokerage house, Tk1 lakh for a number of proven irregularities.
The regulator also fined the directors and company secretaries of Lexco Ltd, a counter company of Dhaka Stock Exchange (DSE), and its main board company Tung Hai Knitting for not submitting financial statements on time.
Each of the directors and company secretaries will have to pay Tk1 lakh each in fines while independent directors will be exempted.
BSEC also decided to warn Eastern Shares and Securities, a CSE brokerage house, after finding deficits of over Tk4 crore in its consolidated customer account in 2017.
However, the regulator merely warned them instead of imposing penalties as the firm corrected it.
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