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BSEC fines four investors for rule violations

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The Bangladesh Securities and Exchange Commission (BSEC) has fined four investors a total of Tk85 lakh for violating rule in Janata Insurance Company’s share transactions.

Of the investors, Md Saif Ullah has been fined Tk40 lakh, AG Mahmud Tk20 lakh, SM Motaharul Janan Tk20 lakh, and Hasina Akther Tk5 lakh. The penalties were imposed in the last week of April.

According to the law, any investor who wants to hold or acquire more than 10% of the shares in a listed company must announce their intention through the stock exchange before the transaction.

However, these investors did not follow this rule and failed to make the necessary announcement.

With this, they transacted shares “unfairly” to make benefits, according to the BSEC officials who spoke on condition of anonymity.

This is the third time Md Saif Ullah and AG Mahmud have been fined within a span of one and a half years.

In July 2020, Janata Insurance’s share price was around Tk14.7, which rose 337% to Tk63.2 within nine months without any price-sensitive information, according to the Dhaka Stock Exchange website.

After that, in July 2023, its share price stood at the Tk27 level but rose 83% to Tk49.6 without any valid reason.

Earlier, in March this year, the BSEC also fined Md Saif Ullah and AG Mahmud Tk55 lakh in total for manipulating the share prices of Index Agro Industries, a publicly traded feed maker.

An investigation by the commission found that AG Mahmud and Md Saif Ullah were engaged in manipulating the share prices of Index Agro.

Consequently, the commission fined AG Mahmud Tk25 lakh and Md Saif Ullah Tk30 lakh for violating securities laws by trading shares.

According to the DSE, Index Agro Industries’ share price was around Tk60 in May 2021, which rose 145% to Tk147 in a few months without any available price-sensitive information.

In April 2022, its share price stood at Tk90 but rose 72% to Tk155 without any valid reason.

In October 2022, the commission had fined AG Mahmud and Md Saif Ullah for manipulating share prices as well.

At that time, AG Mahmud was fined Tk3 crore for manipulating the share prices of National Feed Mills, while Md Saif Ullah was fined Tk85 lakh. Saif Ullah was also penalised Tk25 lakh for manipulating Safko Spinning’s shares.

Earlier, the commission had penalised four individuals, including AG Mahmud, Saif Ullah, Kazi Sadia Hasan, and DIT Co-Operative Limited, a total of Tk2.40 crore for manipulating Bangladesh National Insurance Company Limited shares, even though the four investors made a profit of around Tk5 crore from the scheme.

The commission also fined Md Abdul Quader Tk1 lakh for violating rules in share transactions of Regent Textile Mills Limited.

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Weekly U.S. Stock Market Reports Diverse Performance

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Reviewing the U.S. Stock Markets, the Nasdaq Composite, recorded a decent hike of 555 points, reaching a closing value of 17,688 points by the end of the week. Similarly, the S&P 500 index showed a positive trend, gaining 85 point to settle at 5,431 points. Meanwhile, DJIA Index experienced a notable drop, losing 209 points during the week and concluding at 38,589 points after a week of gaining.

In contrast, Russell 3000 Index saw a gain in week performance, with a slight hike of 40 points to reach 3,077 points by the end of the week.

Moving to Russell 2000 Index, demonstrated a notable drop of 20 point, ending the week at 2,006 points.

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Weekly European Stocks Shows Negative Result

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In the Outgoing week, the European stock market displayed a massive losing performance.

Here is the data on the weekly performance of the European Stock Market, The STOXX Europe 600 index, which is considered a leading benchmark for the European market and covers approximately 90 percent of the market capitalization across 17 countries, reported a drop of 12.5 points to close at 511.05.

The United Kingdom’s FTSE 100, one of the most widely followed indices in Europe, also showed a significant drop, losing 99 points or finishing the session at 8,146.

In Germany, the DAX 30 index, lost by 555 points to reach 18,002, while France’s CAC 498 decreased by 9 points to stop at 7,503 at the end of the trading day.

Italy’s FTSE MIB, which covers the top 40 stocks traded on the Milan Stock Exchange, decreased by 1,995 points to 32,665. However, Spain’s IBEX 35, added by 412 points, to close at 10,992.

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South Asian Stocks Reports Gaining Performance in Recent Week

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A review of South Asian stock markets shows that India’s Bombay Stock Exchange (BSE) index BSE Sensex has added 299 points during the week. At the end of the week, the index stood at 76,992 points. On the other hand, the Nifty-50 index of the country’s National Stock Exchange gained by 175 points last week. At the end of the week, the index stood at 23,465 points.

Pakistan Stock Exchange Index ‘KSE 100’, shed 2,926 points last week. After a week of losing, the index settled at 76,742 points.

On the other hand, The Sri Lankan stock market index adds, and the Colombo Stock Exchange index ‘ASPI’ increased by 208 points in a week. After a week the index settled at 12,314 points.

Bhutan’s stock market index ‘BSI’ added 68 points hence the index stood at 1,515 points throughout the whole week. Nepal’s ‘NEPSE’ gain 35 points, therefore the index stands at 2,112 points.

Hence Dhaka Stock Exchange: The benchmark index ‘DSEX’ dropped by 119.51 points or 2.28 percent, in the outgoing week. At the end of the week, the index stands at 5,117 points.

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