The Bangladesh Securities and Exchange Commission (BSEC) has imposed a record fine of Tk428.52 crore on nine investors who were found guilty of manipulating the share price of Beximco Ltd. This is the largest financial penalty ever imposed in the country’s capital market history.
The investors, including individuals and companies, were involved in a scheme to artificially inflate the price of Beximco shares through various fraudulent tactics. These tactics may have included false trading, market manipulation, and spreading false information.
The BSEC conducted a thorough investigation into the matter and found evidence of the investors’ involvement in the manipulation scheme. The commission’s decision to impose such a hefty fine is a clear message that it will not tolerate any form of market misconduct.
The investors have the right to appeal the BSEC’s decision to a higher court. However, the imposition of this record fine is a significant blow to the individuals and companies involved in the manipulation scheme. It also sends a strong warning to other potential market manipulators that they will face severe consequences if they are caught engaging in such illegal activities.
This news was reported by The Business Standard.
