The Bangladesh Securities and Exchange Commission on Tuesday sent the shares of Shahjibazar Power Company to spot market making them non-marginable in line with the regulator’s move to contain abnormal price hike. The capital market regulator took the decision at an emergency meeting, led by BSEC chairman M Khairul Hossain, after its previous actions failed to prevent abnormal price hike Shahjibazar shares.
The BSEC also asked all the brokerage houses to bring down SPCL’s share trading related transactions within the single-scrip exposure limit by next three working days, it said.
All the brokerage houses have to submit SPCL share transaction details to the stock exchange daily and the stock exchange concern will send a summarise report to the commission within the next working day for regulatory supervision.
Despite several regulatory measures, including formation of two probe bodies and downsizing the company profits, Shahjibazar share prices skyrocketed to Tk 338.80 on Tuesday, gaining by 8.73 per cent or Tk 27.20.
The share price of Shahjibazar has now increased by 1,233 per cent or Tk 313 from its issue price of Tk 25 since its debut on July 15 this year despite all regulatory measures.
On November 9, the commission in its latest effort to cool-down the abnormal rise in share prices of Shahjibazar formed second investigation committee.
Earlier on August 3, the BSEC formed a committee that investigated unusual rise in the share prices of the company without any success.
The regulatory body also recently penalised five directors and managing director of Shahjibazar Tk 55 lakh for providing fabricated financial report.
The BSEC on August 21, following a special audit, had revised downward Shahjibazar’s net profit for the period of July 13- March 14 to Tk 16.86 crore and earning per share to Tk 1.48 for the nine months from Tk 28.54 crore and Tk 2.50 respectively.
The trading of the company remained suspended from August 11 to October 21 due to abnormal hike in its share prices and the BSEC investigation.
-With New Age input
