BSEC fines directors of listed firms for bending rules

The stock market regulator has fined a sponsor shareholder of Prime Islami Life Insurance and all directors except the independent ones of Quasem Silk and Quasem Textile for breach of securities rules.

Sabiha Khaleque, one of the sponsor shareholders and a former director of Prime Islami Life, sold her shares without giving any prior announcement—which is a breach of the securities law—and faced a fine of Tk 4 crore.

Prime Islami Life with paid-up capital of Tk 30.5 crore got listed in 2007.

The price of each share of the company rose to Tk 62 from Tk 47 in the last three months. However, it hovered around Tk 54 in the last few days.

Meanwhile, the directors of the two companies of Quasem Group that are listed in the over-the-counter market were punished for not submitting their financial reports for the years that ended on September 30 of 2015, 2016 and 2017.

They also did not submit the first quarterly reports for the periods that ended on December 31 of 2015, 2016 and 2017. Even the two did not submit their half yearly reports.

The decisions came in a meeting of the BSEC presided over by its chairman Prof Shibli Rubayet Ul Islam in the capital yesterday.