In a significant move, the Bangladesh Securities and Exchange Commission (BSEC) has imposed a hefty fine of BDT 5 million on Shakib Al Hasan, the star all-rounder of the Bangladesh national cricket team, for his involvement in stock market manipulation. This decision was reached during the 923rd commission meeting of BSEC held on Tuesday, September 24.
In a detailed press release, BSEC elaborated on the penalties, revealing that Abul Khair Hiru has been fined BDT 2.5 million, Ishal Communication Limited BDT 7.5 million, Monarch Mart BDT 0.1 million, Abul Kalam Matbar BDT 1 million, Lava Electrode Industries BDT 0.1 million, and Zahed Kamal BDT 0.1 million.
The commission underscored that these fines, totaling BDT 16.3 million, were imposed due to the manipulation of shares of Paramount Insurance Company. This decisive action by BSEC aims to uphold the integrity of the stock market and serve as a stern warning against any fraudulent activities.
Such measures are crucial in maintaining investor confidence and ensuring a fair trading environment. The involvement of high-profile individuals like Shakib Al Hasan highlights the importance of strict regulatory oversight in the financial markets.
