The Bangladesh Securities and Exchange Commission on Thursday fined three brokerage houses Tk 7 lakh for violating different securities related laws, said a BSEC release.
The BSEC made the decision at a commission meeting presided over by its chairman M Khairul Hossain, the release said. The three companies are DBL Securities, PHP Stocks and Securities and PFI Securities.
According to the BSEC release, PHP Stocks and Securities was fined Tk 3 lakh as its consolidated customers account fell short of Tk 10 crore, which is a violation of Securities and Exchange Commission Guideline 2000.
PFI Securities was fined Tk 3 lakh as the organisation had provided loans to its clients above 25 per cent of Average Net Capital, which is violation of rule 5(1) of Margin Rules, 1999, the release said.
PFI Securities also violated different directives of the BSEC by providing margin loans to its clients above the allowable limit of 1:2, provided facility of financial adjustments violation a BSEC directive issued on February 13, 2005.
DBL Securities was fined Tk 1 lakh as the brokerage house provided margin loans of Tk 10 crore to its clients to buy ‘Z’ category shares, which is a violation of a BSEC directive issued on July 25, 2010.
-With New Age input
