BSEC to inquire insider trading allegations against bank director’s son
Stocks
The Bangladesh Securities and Exchange Commission (BSEC) has formed a three-member committee to look into insider trading allegations against Mamun Azim, the son of Southeast Bank Director Azim Uddin Ahmed.
According to the regulator, the committee has been formed as per the directive of the High Court.
The committee members are BSEC's Additional Director Amdadul Hoque, Deputy Director Sirajul Islam, and Dhaka Stock Exchange's (DSE's) Senior Manager Masud Khan.
The BSEC also directed the committee to submit the inquiry report within 15 February.
The regulator said BSEC thinks the allegations against Mamun Azim and others in purchasing shares need to be verified.
Insider trading is defined as use of privileged access to price sensitive information to gain through the buy-sell of company shares. If the allegations are found to be true, they will be accused of violating insider trading and other securities laws.
Southeast Bank's share price closed at Tk15.80 each at the DSE on Wednesday.
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