Dhaka, Bangladesh (BBN)-Bangladesh securities regulator has ordered Dhaka Stock Exchange (DSE) to suspend its general manager (HR and Admin) immediately for his alleged involvement in share business, officials said.
The securities regulator - Bangladesh Securities and Exchange Commission (BSEC) - on Tuesday took the decision at a commission meeting.
The BSEC in a statement said that the GM, Khandaker Asad Ullah, allegations of breaching the securities rules proved without any doubt. That’s why the regulator has ordered the premier bourse to suspend him temporarily for the sake of capital market and bringing disciplines in the stock exchange.
As per the complaints filed with the BSEC, Asad executed transaction of shares worth BDT 69.0 million through his and wife’s BO (beneficiary owner’s) accounts opened in three separate brokerage firms.
The securities regulator formed a three-member probe committee on October 9 last year, which found the proofs of carrying out share business by the DSE GM Asad.
The DSE GM reportedly carried out share business through the BO accounts opened in AB Investment, Prime Bank Investment and NCC Bank Securities and Financial Services.
As per a DSE circular issued on April 26 2010, no employee and executive will be able to carry on share business directly or indirectly.
If the employees and executives carry on business by opening BO accounts in the name of family members or others, which will also be a violation of the securities rules.
BBN/BB/JF-13Aug14-1:00pm (BST)