BSEC fines two stockbrokers Tk 10 lakh for violating rules

August 27, 2014

The Bangladesh Securities and Exchange Commission on Tuesday fined two member-brokers of the Dhaka Stock Exchange Tk 5 lakh each as they violated different securities rules. The member-brokers are AB Securities Limited and Unique Share Management Limited.
A commission meeting presided over by its chairman M Khairual Hossain made the decision based on inspection reports, a BSEC news release said.
According to the BSEC report, AB Securities violated several rules of the Securities and Exchange Rules, 1987 as the BSEC inspection found a deficit of Tk 6,05,05,162 in the consolidated customer account of AB Securities, which was payable to its customer during 2013, the BSEC release said.
The commission’s inspection team also found evidences of accepting clients’ fund above Tk 5 lakh in cash by the AB Securities, violating rules 8 (c) and (i) of Securities and Exchange Rules, 1987.
Unique Share Management violated a BSEC directive by providing loan facilities to its directors, BSEC inspection found.
The DSE member-broker also provided loan facilities to its clients above allowable limit on non-marginable shares and on ‘Z’ category shares violating several BSEC directives.
There was no transaction by Unique Share Management through its dealer account during January 1, 2012 to October 31, 2013, the BSEC release said.

-With New Age input

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