Home ›› 04 Nov 2021 ›› Stock
Bangladesh Securities and Exchange Commission (BSEC) has formed a three-member probe panel to investigate NRB Bank’s overexposure to the stock market.
The panel led by BSEC Additional Director Mohammad Golam Kibria was ordered on Monday to report back within the next 30 working days.
The stock market regulator primarily found the NRB Bank’s involvement in share trading irregularities.
Earlier, the Bangladesh Bank fined NRB Bank Tk 49.50 lakh for its involvement in the share price manipulation of Pioneer Insurance Company.
When contacted, NRB Bank Managing Director and CEO Mamoon Mahmood Shah told The
Business Post, “The regulator imposed the fine due to our excessive investment in a single company- Pioneer Insurance.”
“We already withdrew the official who was directly involved in the manipulation,” he said.
NRB Bank is a fourth-generation bank in the country, which commenced banking operations in 2013.
It has 47 branches, 46 ATM booths outlets, and 320 agent outlets across the country.
