Bangladesh Securities and Exchange Commission (BSEC) has imposed fines on five individuals and entities involved in the 2021 manipulation of New Line Clothings Limited shares, totaling Tk 13.53 crore.
The penalties were approved during the 972nd Commission meeting on Tuesday.
According to a BSEC statement issued on Wednesday, Md Riaz Mahmud Sarkar was fined Tk 1.14 crore, while Abul Bashar faces Tk 4.02 crore in fine.
Sarkar Printing and Publishing, also implicated in the same violations, was fined Tk 4.28 crore. Md Selim and Jamil were also penalised, with fines of Tk 1.69 crore and Tk 2.20 crore, respectively.
The violations occurred between May 24 and July 5, 2021, when these individuals and entities manipulated the trading of New Line Clothings shares.
During the manipulation, the share price of New Line Clothings surged to over Tk 32 in just two months, up from under Tk 16. However, the stock price now hovers around Tk 6 per share.
BSEC’s decision is part of its ongoing efforts to ensure transparency and accountability within Bangladesh’s capital markets, reinforcing its commitment to protecting investor interests and maintaining market integrity.
