BSEC fines Keya Cosmetics shareholding directors Tk 1 lakh each for rules violation

Staff Correspondent | Published: 22:15, Jul 24,2018 | Updated: 23:57, Jul 24,2018

 
 

The Bangladesh Securities and Exchange Commission on Tuesday slapped Tk 1 lakh in fine on each of the shareholding directors of Keya Cosmetics Limited as the company breached repeatedly securities rules in regards to submission of financial reports to the commission on due time.
The decision came at a commission meeting, presided over by BSEC chairman M Khairul Hossain.
Keya Cosmetics Limited breached securities rules by not submitting to the commission financial reports for the first quarter ending on September 30, 2017 on due time, said a BSEC press release.
As the company made similar offences earlier, the commission imposed Tk 1 lakh in fine on each of the directors, excepting nominated and independent directors, it said.
The commission also warned three brokerage firms — Unique Share Management, AB and Company and Alliance Securities and Management — as they failed to submit financial reports for the year ending on June 30, 2017 on due time.
The commission also found that ICB Capital Management Limited broke securities rules by applying for 18,582 rights shares of Saif Powertec against its own portfolio through renunciation instead of applying in favour of 25 investors without the consent of the investors.
Therefore, the commission cancelled the ICBCML’s rights shares and warned it for the malpractice.
The BSEC at the meeting also approved prospectus of an open-ended mutual fund — CAPITEC Padma PF Shariah Unit Fund— with an initial target size of Tk 10 crore.
Of the target size, sponsor-directors will provide Tk 1 crore, while the rest Tk 9 crore will be collected from general investors by selling its units. The face value of the each unit of the fund is Tk 10.
Investment Corporation of Bangladesh acts as trustee and custodian of the fund and CAPITEC Asset Management as its asset management company.

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