Fix irregularities or face Tk 5cr fine, BSEC orders ICB Securities

Bangladesh Securities and Exchange Commission (BSEC) today ordered ICB Securities Trading Company to abide by the securities rules and correct all the irregularities in the state-run entity within a month or face a fine of Tk 5 crore.

The commission made the call in a meeting chaired by its chairman, Prof Shibli Rubayat Ul Islam.

The subsidiary brokerage firm of Investment Corporation of Bangladesh maintains more than one consolidated customers' account in a single bank, opened many solo and joint accounts against some investors and gave margin loan without signing any agreement, the BSEC said.

ICB Securities also did not maintain investors' securities accounts properly, the commission added.

All the above activities are not permitted by the rules, it said.

As a result, the BSEC ordered the brokerage firm to adjust all the irregularities within September 30 and inform the regulator.