BSEC fines 7 Doreen Power officials for insider trading
The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday decided to fine seven officials of Doreen Power Generations and some investors for manipulating share prices through insider trading.
Insider trading is the buying or selling of a security by someone who has access to price sensitive information about the security that has not been made public.
Wahiduzzaman Khan, deputy general manager of Doreen's subsidiary Dhaka Northern Power, and Chowdhury Farah Naz Samia, wife of a director, Mostafa Moin, will be fined Tk 10 lakh each, the capital market regulator said in a press release.
Afroz Alam, Doreen's chief financial officer; Mahtab Bin Ahmed, independent director; Masudur Rahman Bhuiyan, company secretary; Iqbal Hossain, general manager; and Fazle Elahi Khan, senior general manger, will be fined Tk 1 lakh each.
During a meeting, the BSEC also settled on fining a stock broker, Dynamic Securities Consultants, Tk 2 lakh for having a deficit in consolidated customer accounts.
The meeting decided to issue warnings on seven persons and entities for violating securities ordinance in trading. They are Bishwajit Das and his associates, Yakub Ali Khandaker and his associates, Ifad Group, Md Fazlur Rahman Jamali, Prime Islami Securities, Anis Uddin and Mohammad Shafiqul Islam.
The commission also decided to warn United Airways for failing to submit several quarterly reports on time.
Besides, the regulator approved ADN Telecom Ltd in finding a cut-off price of its shares by the book building method in order to raise Tk 57 crore from the capital markets through an initial public offering (IPO).
With the participation of institutional investors, the selling price of the company's shares will be fixed through the bidding process.
AND Telecom will use the IPO proceeds to develop its infrastructure, set up a data centre, repay bank loans and meet IPO expenses.
