DSE asked to reopen Banco Finance’s account

Bangladesh Securities and Exchange Commission has asked the Dhaka Stock Exchange to reopen a consolidated customer bank account of Banco Finance and Investment Limited that was earlier frozen.

The stock market regulator issued a letter to the DSE in this regard on August 19. The account of the company is with Social Islami Bank Limited and the number is 0021330452528.

BSEC’s market surveillance and intelligence department additional director Mohammad Delowar Hossain signed the letter. BSEC executive director and spokesperson Rezaul Karim told the Business Post that the merchant was allowed to trade shares on behalf of its customers as investors are suffering due to the account freezing.

On June 14, the DSE suspended the trading operation of Banco Securities, which is under common ownership of Banco Finance and Investment, over allegations of embezzling Tk 66.59 crore from the consolidated customer accounts.

The regulator also asked the bourse through the letter to allow Banco Finance to trade shares on behalf of a customer of the merchant bank, the letter said.