BSEC fines PK Halder, 15 others Tk 4.68cr for share price manipulation

Staff Correspondent | Published: 23:47, Jan 20,2021


The Bangladesh Securities and Exchange Commission on Wednesday fined Proshanta Kumar Halder and 15 other individuals and institutions Tk 4.68 crore for manipulating prices of shares of Northern Jute Manufacturing Company Limited and Information Services Network Limited.

PK Halder, also a director of International Leasing and Finance Service Limited, has fled abroad after allegedly laundering over Tk 10,000 crore from different financial institutions.

The BSEC made the disciplinary decision in a commission meeting presided over by its chairman Shibli Rubayat-Ul-Islam, a BSEC press release said.

Amanat Ullah was fined Tk 1 crore and his associates Sitara Begum Tk 5 lakh, Sandip Corporation Tk 60 lakh, Hal Industry Tk 85 lakh and Proshanta Kumar Halder Tk 25 lakh for violating section 17 (e) (v) of securities and exchange ordinance, 1969 for manipulating prices of shares of Northern Jute Manufacturing Company.

According to the rules, no person can directly or indirectly effect a series of transactions in any security creating the appearance of raising of price for the purpose of inducing its purchase by others  or depressing its price for the purpose of inducing its sales by others.

The BSEC also imposed fine on Parimal Chandra Pal Tk 20 lakh and his associates Ripon Sheikh Tk 20 lakh, Mollik Abu Bakar Tk 10 lakh, Tofazzol Hossain Tk 40 lakh, Bidhan Mistri Tk 5 lakh and Amal Krishna Das Tk 7 lakh for violating the same rules by manipulating share prices of Northern Jute Manufacturing Company.

It fined Saleh Ahmed Siddique Tk 7 lakh, Samir Ranjan Pal Tk 20 lakh and his associates Shiuli Pal Tk 50 lakh and Chitto Harman Datt Tk 12 lakh.

The regulator found that James Martin Das, JM Murshid, Nurul Islam Kamran and Monjila Nasrin Islam manipulated prices of shares of Information Services Network Limited.

The BSEC fined general investor James Martin Das Tk 2 lakh.

The regulator at the meeting also imposed Tk 2 lakh in fine on Bali Securities Limited, a Dhaka Stock Exchange brokerage house, as it provided loan facility to directors and wife of a director, gave loans to cash account without margin contract and did not maintain necessary funds in the consolidated customers account, violating securities rules.

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