The Bangladesh Securities and Exchange Commission (BSEC) has decided to impose a travel ban on directors, managing directors, and chief executive officers of two brokerage houses – Dhanmondi Securities Limited and PFI Securities Limited.
Additionally, the BSEC has decided to suspend fund withdrawals (debit suspension) from the bank accounts of the directors of these two brokerage houses and to freeze all beneficiary owner (BO) accounts.
These decisions were made during a commission meeting chaired by BSEC Chairman Khondoker Rashed Maqsood on Tuesday and disclosed through official statements on Wednesday.
According to the statements, the commission rejected Dhanmondi Securities’ application for an extension to meet the shortfall in consolidated customer funds. The conditions outlined in the commission's directive issued on March 22, 2022, have also been reinstated.
The BSEC instructed the Bangladesh Financial Intelligence Unit (BFIU) to prevent withdrawals from all bank accounts held by those officials of Dhanmondi Securities and PFI Securities. Furthermore, instructions have been issued to Central Depository Bangladesh Limited (CDBL) to freeze all BO accounts.
A letter requesting a travel ban on these officials will be sent to the special branch of the police, according to a press release from the BSEC.
The commission meeting also approved the proposal of Bangladesh Submarine Cables PLC’s issuance of over 2.21 crore of preference shares at an issue price of Tk 75 each (face value at Tk 10) including the premium. The entirety of shares issued against the deposit of the share money provided by the state are to be issued in favour of the secretary of the Posts and Telecommunications Division of the Ministry of Posts, Telecommunications and Information Technology.
The BSEC also revoked approval for Alif Industries to raise Tk 200 crore through share issuance. The company was previously approved to raise capital by issuing new shares to prospective shareholders or investors at the latest annual audited net asset value or share price of the company.
The stock market regulator also decided that the RBIMCO BGFI Fund would wind up payments to complete the proposal as per the rules.
At the meeting, it was decided to complete the proposal of this fund managed by Royal Bengal Investment Management submitted by Bangladesh General Insurance Company (BGIC).
The initial target of the fund is Tk 10 crore. Out of which Royal Bengal Investment Management as the sponsor will provide Tk 1 crore and the remaining Tk 9 crore will be open for general investors.
The price per unit of the fund is Tk 10 with Royal Bengal Investment Management as the asset manager, BGIC as the trustee, and BRAC Bank Limited acting as the custodian.
