BSEC summons UCB Capital’s MD

Bangladesh Securities and Exchange Commission (BSEC) has summoned the managing director (MD) of UCB Capital Management Ltd after the company decided not to lend margin loans for shares of 20 insurance companies.

The company’s decision not to lend margin loans to shares of 20 insurance companies reached the entire stock market on Monday.

Moreover, many suspected that BSEC would ban margin loans on shares of the entire insurance sector which had no basis.

BSEC executive director and spokesman Mohammad Rezaul Karim said the commission summoned UCB Capital MD and CEO Mohammad Rahmat Pasha to the commission today for his explanations on closing the margin on shares of the 20 insurance companies without giving any notice.

sr/sik