DSE discloses Delta Life's fine slapped five months ago | The Daily Star
12:00 AM, January 03, 2018 / LAST MODIFIED: 12:00 AM, January 03, 2018

DSE discloses Delta Life's fine slapped five months ago

The stockmarket regulator fined some directors and top brass of Delta Life Insurance in August last year, but it took the Dhaka Stock Exchange nearly five months to post the news on its website.

As a result, the news misled investors as it made them think that the Bangladesh Securities and Exchange Commission (BSEC) fined the life insurer again.

The regulator fined then company secretary Abdullah Al-Mansur, then CEO Swapan Kumar Sarkar and directors Wahid Uddin, Anika Rahman, Arif Ahmed, Monzurur Rahman, Mujibur Rahman, Saika Rahman, Nizamul Hoque, Kazi Fazlur Rahman and Zeyad Rahman Tk 2 lakh each for noncompliance with securities laws.

The penalty was imposed and announced on August 10, but the DSE disclosed it yesterday.

The regulatory action came after the insurer failed to purchase shares of Delta Brac Housing (DBH) as per its declaration, according to the BSEC.

Delta Life had announced to buy 10 lakh shares of DBH and a sudden increase in demand pushed DBH's share price up by 15 percent following the declaration.

Later, the regulator found that Delta Life purchased only 331,500 shares of DBH.

Delta Life's share lost Tk 0.3 or 0.28 percent to close at Tk 106 yesterday, according to the DSE.  

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