The Bangladesh Securities and Exchange Commission on Thursday fined Abul Khayer, also known as Hiru, and his family members a total of Tk聽134.54 crore for manipulating share prices of four companies.
The stock market regulatory body made the disciplinary decision at a commission meeting held in its office in the capital Dhaka, according to a BSEC press release.
The commission imposed fines on Abul Khayer, wife Kazi Sadia Hasan, father Abul Kalam Matber, mother Aleya Begum, sister Konika Afroze, brothers Sajed Madbar and Mohammad Basher, brother-in-law Kazi Fuad Hasan, and his company DIT Cooperative Ltd for manipulating prices of the shares of Fortune Shoes Limited, Delta Life Insurance Limited, NRB Commercial Bank Limited and Sonali Paper and Board Mills Limited.
The BSEC release said that Abul Khayer and his family members manipulated prices of the shares of Fortune Shoes during October 3, 2021-October 26, 2021, those of the shares of Delta Life Insurance during September 9, 2021-October 26, 2021, those of the shares of NRB Commercial Bank during October 7, 2021-October 27, 2021, and those of the shares of Sonali Paper and Board Mills during June 28, 2021-October 27, 2021.
Abul Khayer is a deputy registrar at the Department of Cooperatives, and the chairman of DIT Cooperative Ltd.
The commission also fined Khayer-related Monarch Holdings Limited Tk 5 lakh for non-compliance with securities law by investing outside of its core business.
It also decided to impose a fine of Tk 10,000 per day if Monarch Holdings fails to bring back the money in its own account within 30 working days.
Cricketer Shakib Al Hasan, also a former lawmaker for the Magura-1 constituency, is the chairman of Monarch Holdings Ltd and Khayer鈥檚 wife Kazi Sadia Hasan is the managing director.
Abul Khayer had been in discussion for share market manipulation since former BSEC chairman Shibli Rubayet Ul Islam joined the commission.
Khayer and his family members along with other associates were fined multiple times previously for manipulating share prices.
Over the span of four months in 2022, the stock market regulator fined Abul Khayer鈥檚 family members a combined Tk 12.4 crore for manipulating shares of eight companies.
The BSEC at Thursday鈥檚 commission meeting also fined Sonali Paper and Board Mills鈥� chairman, managing director and a director Tk聽20 lakh each for manipulating share prices of Paramount Insurance Company Ltd.
Younus Group chairman Mohammed Younus, also a former chairman of Shahjalal Islami Bank, is the chairman of Sonali Paper.
Younus鈥檚 wife and company鈥檚 managing director Mahfuza Younus and their son and lone shareholder director Mohammed Javed Noman were asked to pay the fine from their personal accounts.
The BSEC also fined Mahfuza Akhter Tk聽10 lakh and Dewan Salehin Mahmud Tk 40 lakh for manipulating share prices of Prime Finance First Mutual Fund during November 23, 2023-December 19, 2023.
The commission imposed a fine of Tk 5 lakh on ANW Securities Ltd for shortages in its consolidated customer鈥檚 account, which were later filled up.