The Bangladesh Securities and Exchange Commission on Tuesday imposed total Tk 19.50 crore in fines on former Southeast Bank chairman Alamgir Kabir and two family members for insider trading.
The stock market regulatory body made the decision at a commission meeting held in its office in the capital Dhaka, according to a BSEC press release.
The commission fined Alamgir Tk聽12 crore, his wife Suraiya Begum Tk聽5 crore, and his son-in-law Tushar LK Mia Tk 2.5 crore for violating BSEC (Prohibition of Insider Trading) Rules 1995.
Suraiya is the chairperson of Bay Leasing and Investments Limited, and a former director of Southeast Bank, and Tushar is a shareholder of Bay Leasing.
The press release said that Alamgir and Tushar sold shares of Bay Leasing and Investments based on price sensitive information disclosed to them by Suraiya.
Alamgir was chairman of Southeast Bank from 2004 to September 29, 2024.
The commission also fined Southeast Bank Capital Services Limited Tk聽5 lakh for violating securities rules regarding trading of shares of Bay Leasing and Investments, a listed company operating as a non-banking financial institution in the country.
The stock market regulatory body also fined Modern Securities Limited Tk 1 lakh and Anwar Securities Limited Tk聽5 lakh on the day due to a shortage in their consolidated customer accounts.
