BSEC slaps Tk 5 lakh fine on ACE Capital

Staff Correspondent | Published at 10:20pm on September 26, 2017

Bangladesh Securities and Exchange Commission on Tuesday slapped Tk 5 lakh fine on a Dhaka Stock Exchange brokerage house, ACE Capital Management and Services, 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 press release issued on the day said.
A BSEC inspection found shortage in ACE Capital’s consolidated customer account in violation of rules 8A(1) and 8A(2) of Securities and Exchange Rule, 1987.
Apart from that, ACE Capital received above Tk 5 lakh in cash from its clients and provided loans to its staffs in violation of a number of BSEC directives in this regard.
The capital market regulator at the meeting also approved a closed-end mutual fund, CAPM IBBL Islamic Mutual Fund, with its target size worth Tk 80 crore.
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