DSE, investors seek lifting of SEC ban on Arafat trading

The Dhaka Stock Exchange management has requested the market regulator to adjourn a trade suspension order on a brokerage house for 10 days to allow the firm's clients transferring or withdrawing their securities or investment.
“Such adjournment can protect interests of the general investors seeking transfer or withdrawal of' their securities or money,” the Dhaka bourse said in its letter sent to the Securities and Exchange Commission on October 20 following a plea from some 30 investors who do their share business through Arafat Securities.
Earlier on October 19, the SEC suspended trading of the brokerage house for one month for violating rules. Arafat was found involved in short selling, which is prohibited in Bangladesh's capital market.
Short selling is the sale of securities that are not owned by the seller.
An SEC high official, meanwhile, said the issue will come up for review in its next meeting. He, however, pointed to the SEC probe that detected a gross violation of rules by Arafat Securities.
The 30 investors, anxious about their money invested through Arafat Securities, pleaded for lifting the SEC suspension to enable them to go back to their normal transaction.
[email protected]