Government Levies 130 Million Taka Fine on 13 Individuals and Institutions

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BSEC Imposes Tk 12.82 Crore Fine on 12 Individuals and a Company Over Share Manipulation

The Bangladesh Securities and Exchange Commission (BSEC) has imposed a total fine of Tk 12.82 crore on 12 individuals and one company over allegations of share price manipulation, fraudulent information, and forged signatures involving Sonali Paper and Board Mills Limited.

The Enforcement Action Department of the commission issued the order last month, stating that if the fines are not paid within 30 days, legal action will be initiated.

According to the BSEC, an investigation was conducted into the share trading activities of Sonali Paper at the Dhaka Stock Exchange (DSE) from December 1 to December 31, 2021. The probe revealed that the company’s share price rose unusually from Tk 544.70 to Tk 957.70 within a single month. This abnormal trading was considered manipulation of share prices, violating the Securities Law.

Following the investigation, Genex Infrastructure Limited was fined Tk 2.55 crore. In addition, Genex Infosys Limited’s Vice President Prince Majumdar, Director Chowdhury Fazle Imam, Mohammad Adnan Imam, Nilufar Imam, Oracle Services Limited’s nominated director Hasan Shahid Sarwar, independent directors Rokeya Islam and Jaharul Syed Bokht, and Managing Director & CEO Shah Jalal Uddin were each fined Tk 1.03 crore, totaling Tk 8.24 crore.

Furthermore, complaints were lodged by MS Tahsin Enterprise, through Parvin Akter Haji Ahmad, against Bros Securities Limited for unauthorized large transactions, mobile and email changes, forged signatures, concealed information, and delayed problem resolution.

The investigation confirmed these allegations, resulting in fines on the company officials as follows: Managing Director Rakib Md. Fakhrul – Tk 2 crore, Head of Trade and Operations Amal Krishna Shah – Tk 1 lakh, Manager of Finance and Accounts Md. Nokibul Islam – Tk 1 lakh, and Chattogram branch manager Ejaz – Tk 1 lakh.

The BSEC has reiterated its commitment to ensuring fair and transparent trading practices in the country’s capital market.