The Bangladesh Securities and Exchange Commission on Tuesday decided to ask the Dhaka Stock Exchange to suspend its general manager Khandaker Asad Ullah immediately for share trading by his family members violating securities rules.
The commission will also ask DSE to take departmental action against Asad.
The commission made the decision after conducting a probe against Khandkar based on a complaint that there were shares worth over Tk 6 crore in the beneficiary owners account of his wife, BSEC sources said.
As per the securities rules, no DSE official and his or her family member can open BO account and trade shares.
A BSEC press release said that the BSEC investigation found that the alleged irregularities of Asad were proved.
The press release, however, did not mention about the irregularities while BSEC officials declined to give details to reporters.
The released said following the BSEC findings the commission decided to ask the DSE to suspend Khandkar from his post and take departmental actions for the ‘greater interest of the capital market’.
As per the complaint filed with the BSEC in 2013, Tk 6.90 crore was withdrawn from three BO accounts of his wife at different merchant banks.
The accounts of his wife were in the AB Investment, Prime Bank Investment and NCC Securities and Financial Services Limited.
The commission in October 2013 formed a three-member committee to probe the allegation.
-With New Age input
