Probe opens into FAR Chemicals, Shahjibazar Power

Bangladesh Securities and Exchange Commission (BSEC) yesterday formed two panels to investigate the recent share price hikes of FAR Chemicals Industries and Shahjibazar Power Company.

The stockmarket regulator also asked the committees to submit probe reports in 10 workdays, said Saifur Rahman, a spokesman for the BSEC.

“The regulator primarily detected an abnormal rise in the share prices of the two newly listed companies between July 15 and July 24.”

Prices of FAR Chemicals rose to Tk 56.1 from Tk 43 a share, while Shahjibazar Power Company's prices increased to Tk 58.7 from Tk 36.5 during the period, said Rahman, also an executive director of the BSEC.

FAR Chemicals, a textile chemical manufacturer, got listed on the stockmarket on July 8, while Shahjibazar Power, a rental power generation company, got listed on July 15.

Members of the probe body for FAR Chemicals are BSEC Director Md Abul Kalam and Assistant Director Md Iqbal Hossain.

BSEC Deputy Director Md Yusuf Bhuiyan and Assistant Director Mohammad Rakibur Rahman will work for the Shahjibazar Power panel.