Bangladesh Securities and Exchange Commission (BSEC) fined Dhaka Stock Exchange (DSE) member brokerage house Dhanmondi Securities Limited (track number-98) Tk 5 lakh for violating securities laws.
At the same time, the chief executive officer (CEO) of the company accused of violating the law. 2 lakh to Arif Islam Khan and Head of Finance and Accounts. Kabirul Islam and IT in charge. Rubel Hossain Sajib was fined a total of 1 lakh taka and 2 lakh taka. As a result, the commission fined Dhanmondi Securities and their three officers a total of 9 lakh taka.
It is said that BSEC has taken such a decision in view of various complaints recently. The concerned department has been instructed to take necessary measures in this regard.
According to BSEC sources, the Dhanmondi Securities Limited authorities could not provide necessary information, electronic records and documents within a reasonable time as per the demand of the stock exchange during the inspection process. The establishment has provided false or misleading information to the inspection team. Besides, the company has not followed proper laws in providing margin loans to customers. Besides, the commission also found inconsistencies as integrated customers of the company.
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According to information, Rule 5(b) of Dhaka Stock Exchange (Administration of Trading Right Entitlement Certificate) Regulations, 2020 against Dhanmondi Securities Limited; Rule 17(4) of the Securities and Exchange Rules, 2020; Section 18 of the Securities and Exchange Ordinance, 1969; Margin Rules, 1999Rules 3(1) and 3(2); Section 16(a) of the Securities and Exchange Ordinance, 1969; Rules 6(1) and 6(5) of the Securities and Exchange Rules, 2020; Instructions issued by BSEC on February 2, 2022; Rule 11 of the Securities and Exchange Commission (Stock-Dealers, Stock Brokers and Authorized Representatives) Rules, 2000 and evidence of breach of Conduct Rule 1 of the Second Schedule to the Securities and Exchange Commission (Stock-Dealers, Stock Brokers and Authorized Representatives) Rules, 2000.
Therefore, considering the overall aspect, the commission fined Dhanmondi Securities 5 lakh rupees. Also, if the above decision continues to fail, the commission has decided to impose a fine of Tk 10,000 for each day during which the same continues.
Meanwhile, CEO of the company. Margin Rules, Rules 3(1) and 3(2) of 1999 likewise against Arif Islam Khan; Section 16 (a) of the Securities and Exchange Ordinance, 1969; Rules 6(1) and 6(5) of the Securities and Exchange Rules, 2020; Instructions issued by BSEC on February 2, 2022; Securities and Exchange Commission (stock-dealer, stockEvidence of violation of Rule 11 of the Brokers and Authorized Representatives) Rules, 2000 and Conduct Rule 1 of the Second Schedule of the Securities and Exchange Commission (Stock-Dealers, Stock Brokers and Authorized Representatives) Rules, 2000.
Therefore, considering the overall aspect, the chief executive officer of the organization. Arif Islam Khan was fined Tk 2 lakh by the commission.
Besides, Head of Finance and Accounts. Kabirul Islam 9 and IT in charge. Rubel Hossain Sajib has been fined a total of 1 lakh taka and 2 lakh taka for violating 3 securities laws
