NRB Equity fined Tk 10lac for breaching securities law

Merchant Bank NRB Equity Management has been fined 10 lakh taka by Bangladesh Securities and Exchange Commission (BSEC) for violating securities laws.

The decision was taken at the 740 meeting of BSEC on Wednesday (September 16).

NRB Equity Management has to pay the fine to the commission within 30 days upon receiving the letter of fine. Otherwise, steps will be taken to cancel or suspend its certificate along with legal action.

This information has been given in a press release signed by BSEC Executive Director (Current Responsibilities) and Spokesperson Mohammad Rezaul Karim.

It is learned that a customer of the company Md Sabuj Hawladar complained to the commission.

In this context, the SRI department of the commission has found evidence of violation of security laws against the company.

The complaint alleged that NRB Equity Management opened 246 and 305 accounts in two phases without properly identifying and verifying the information and documents provided by the customers. He also alleged, despite operating an independent BO account against an omnibus account it operated 307 accounts against a BO account and applied for IPO from more than 2 accounts using an Omnibus/BO account which violated the Securities Act.

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