Bangladesh Securities and Exchange Commission (BSEC) have fined 9 individuals and organizations Tk 428.52 crore for manipulating shares prices including Beximco shares listed in the stock market.
The decision was taken at the commission meeting held on Tuesday. BSEC Chairman Khandkar Rashed Maqsood presided over the meeting. Never before in the history of the country's stock market, a company was fined so heavily for manipulation of its share prices.
Among the fined persons, Marzana Rahman asked to pay Tk 30 crore, Trade Next International Tk 4.1 crore, Mushfiqur Rahman Tk 125 crore, Mumtazur Rahman Tk 58 crore, Jupiter Business Tk 22.50 crore, Apollo Trading Tk 15.1 crore, ART International Tk 70 crore, Abdur Rauf Tk 31 crore and Crescent Limited was fined Tk 73 crore.
The commission meeting also decided to inspect the use of IPO/RPO funds of 9 companies. The nine companies include- Bangladesh Shipping Corporation, Bestholding, Index Agro, JMI Hospital Requisite Manufacturing, Lub-Ref Bangladesh, Navana Pharmaceuticals, Ring Shine Textiles, Sikdar Insurance and Silva Pharmaceuticals.
