The Bangladesh Securities and Exchange Commission on Tuesday fined two brokerage firms of the Chittagong Stock Exchange Tk 7 lakh each for violating securities rules.
The decision was taken in a regular commission meeting headed by the BSEC chairman M Khairul Hossain, said a BSEC press release. The BSEC fined Hillcity Securities Ltd Tk 7 lakh as the firm gave margin loan to its directors although they had negative balance in their accounts in violation of the law.
The broker also operated four consolidated customer accounts violating the law and had Tk 1.44 crore and Tk 1.25 crore deficiencies in two of the customer payable accounts.
The BSEC also found that Hillcity kept share buy and sell orders without proper signatures of clients.
The securities market regulator also fined Meenhar Securities Limited Tk 7 lakh as the commission found the
broker had Tk 6.68 crore shortage in consolidated customer account which was payable to clients.
The BSEC also decided to extend the date of submission of expression of interests to January 31 from 15 January for selecting a panel of auditors to audit the issuer companies.
-With New Age input
