BSEC forms inquiry committee for abnormal price hike of Associated Oxygen

Bangladesh Securities and Exchange Commission (BSEC), the regulatory body of capital market of the country, has formed a two-member inquiry committee to look into the reasons for the abnormal rise in the share price of Associated Oxygen Limited, a listed company on the stock exchange.

BSEC Director Sheikh Mahbubur Rahman has been made the head of the committee. Another member of the committee is Warisul Hasan Rifat, assistant director of BSEC.

The commission has asked the committee to submit a report within the next 15 working days to look into any manipulation, insider trading and/or other reasons for the increase in the company's share price.

An office order signed by BSEC Assistant Director Nannu Bhuiyan said the inquiry committee had been formed against the company after the BSEC noticed the increase in the company's share price.

The share price of Associated Oxygen Limited has been rising day by day since the beginning of the transaction on October 25. On that day, shares of the company were traded at a price of 10 taka each on the stock market.

After that, the share price of the company increased by 50.70 taka in 11 working days.

sr/teb