An investigation committee of the stock market regulator on unusual price hike of Shahjibazar Power Company\u2019s shares has found evidence of price manipulation by a few investors, said BSEC sources.\u00a0The two-member committee of Bangladesh Securities and Exchange Commission submitted the probe report to the commission on Monday.\u00a0Sources said that the committee found that at least five investors were engaged in manipulating share prices of the company.
\nShahjibazar\u2019s share price rose by 256.80 per cent or Tk 64.20 to Tk 89.2 on August 10 since its debut at Tk 25 in mid-July.
\nFollowing the abnormal price hike of Shahjibazar shares, the BSEC on August 3 formed the two-member investigation committee comprising of BSEC deputy director Md Yusuf Bhuiyan and assistant director Mohammad Rakibur Rahman.
\nThe Dhaka and Chittagong stock exchanges on August 11 suspended trading of the company\u2019s shares as its share prices continued
\nto rise despite BSEC committee formation.
\n\u2018The inquiry report has successfully established some investors\u2019 involvement behind the recent abnormal increase in share prices of Shahjibazar,\u2019 said a source.
\nHe, however, could not immediately give the names of investors. \u2018The commission will now go through the report and decide what action will be taken,\u2019 he said.
\nAnother probe committee on the unusual price hike of FAR Chemical Industries also submitted its report to the commission on Monday.
\nThe details of the committee report could not be known immediately.
\nThe capital market regulator on August 3 formed the committee.
\nThe shares of FAR Chemical Industries were traded at Tk 43 each on July 15 this year.
\nIts share price increased to Tk 59.20 on August 3 without having any price sensitive information.<\/p>\n

-With New Age<\/strong> input<\/p>\n","protected":false},"excerpt":{"rendered":"

An investigation committee of the stock market regulator on unusual price hike of Shahjibazar Power Company\u2019s shares has found evidence of price manipulation by a few investors, said BSEC sources.\u00a0The two-member committee of Bangladesh Securities and Exchange Commission submitted the probe report to the commission on Monday.\u00a0Sources said that<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[4],"tags":[],"yoast_head":"\n