Home ›› 19 Apr 2022 ›› Stock
The Bangladesh Securities and Exchange Commission (BSEC) has suspended 15 traders or authorized representatives from nine stock brokerage firms for violating its code of conduct while trading in the shares of some companies.
The traders were guilty of flouting the BSEC code of conduct while dealing with while dealing in the shares of some companies, according to a BSEC notice issued on Monday.
The suspended traders from nine brokerage houses took refuge in the sale of shares in violation of the securities rules after the start of trading, sources said.
The traders ordered the sale of large sums of shares without quoting any price or ‘market price’ or ‘zero price’ order.
The suspended traders are five traders from ICB Securities, two from Rashid Investment Services, two from Shyamol Equity Management, and one trader each from Parkway Securities, Quayum Securities, Mercantile Bank Securities, TA Khan Securities, JKC Securities, and Kazi Equities Limited.
According to the securities rules, it is mandatory for a stock investor to send a request in writing for the purchase or sale of shares or securities. The authorized representatives are in charge of executing the investor order on the sale of security or share.
BSEC spokesperson Mohammad Rezaul Karim told The Business Post, “The share sale was ordered from 15 workstations of nine brokerage houses in violation of the law at the beginning of Monday’s trade. For this reason, the concerned brokerage houses have been instructed to suspend 15 traders.”
