SEC vows to go tough on unusual trading

The Securities and Exchange Commission (SEC) will go tough on unusual share trading by brokerage firms in an effort to ensure transparency in the market, a senior SEC official said yesterday.
The commission is continuing its own investigation to find out if any syndicate is involved in the market, he said.
He said the SEC is working with Asian Development Bank to improve its surveillance system to ensure transparency in the trading system.
The regulator yesterday launched two inquiry committees to investigate 'unusual share trading' of Remons Investment and Securities Ltd and Wifang Securities Ltd.
The commission assigned Ohidul Islam, a deputy director of the SEC, to investigate share trading of Remons Investment, while Rakibur Rahman, another deputy director, will look into share trading of Wifang Securities Ltd.
They will submit reports to the SEC within five working days.
The net sale of Wifang Securities was Tk 3.81 crore and its turnover to market turnover was 1.3 percent on Monday.
Earlier, the SEC had formed three investigation teams to look into the unusual trading by three brokerage firms.
The firms are LankaBangla Securities Ltd, Rapid Securities Ltd and Royal Securities Ltd.