The Bangladesh Securities and Exchange Commission on Tuesday fined Wata Chemicals Limited managing director Nazrul Islam Tk 5 lakh for breaching securities rules.
The capital market regulator imposed the penalty at a commission meeting presided over by its chairman M Khairul Hossain, a BSEC news release said.
The commission slapped the fine as a BSEC investigation found that the company signed a memorandum of understanding to get finance for restarting its activities in 2011, which was not disclosed by the officials of the company as price sensitive information.
The regulator also issued a warning letter to Wata Chemicals Limited as the company did not mention shareholding position of sponsor-directors AHM Abdullah and MA Mannan in the April, 2014 statement, breaching section 18 of the Securities and Exchange Ordinance, 1969.
The BSEC at the meeting also decided to hold financial literacy programme every working day for the capital market investors at its office premises from 10:00am to 5:00pm.
Interested persons have been requested to register directly through online for the programme.
Want stories like this in your inbox?
Sign up to exclusive daily email
More Stories from Stocks