Six brokers, merchant banks fined for breach of rules

The share market regulator has punished six stock brokers and merchant banks for breaching securities rules.

Yesterday, the Bangladesh Securities and Exchange Commission (BSEC) took the decision in a meeting, presided over by its chairman Prof Shibli Rubayat Ul Islam.

The commission fined MTB Securities Ltd and Nexus Securities Ltd Tk 5 lakh and Tk 2 lakh respectively, the commission said in a press release.

The regulator also voided the initial public offering quota for Bengal Investments Ltd, CAPM Advisory and PLFS Investments Ltd due to noncompliance with the securities regulations.

"The process to cancel their merchant banking licences would be started if the firms fail to meet the capital deficit within June 30," the press release said.

Firstlead Securities was slapped with a fine of Tk 2 lakh.

The regulator postponed the IPO subscription time for Sonali Life Insurance from this year's March to May. The company got the go-ahead for its Tk 19 crore IPO in December last year.