The Bangladesh Securities and Exchange Commission on Tuesday imposed fines of total Tk聽134.18 crore on 20 individuals and entities for manipulating share prices of Orion Pharma, Orion Infusions and Bangladesh Finance.
The penalties were given at a commission meeting on the day, according to a BSEC press release.
Among those fined, Beacon Pharmaceuticals鈥� chairman Nurun Nahar Karim, managing director Mohammed Ebadul Karim and executive director Risana Karim were collectively fined Tk聽19.25 crore for manipulating share prices of Orion Infusions between June 21, 2022 and October 12, 2022.
Investors Sohel Alam and Ekhlasur Rahman were fined Tk 18.4 crore and Tk聽14.6 crore respectively for similar offenses involving Orion Infusions鈥� shares.
Beacon Pharmaceuticals鈥� associated entities were also penalised for their roles in share price manipulation.
Beacon Pharmaceuticals-EGF and Beacon Pharmaceuticals-EPF were fined Tk 1 crore and Tk聽1.45 crore respectively, while Beacon Pharmaceuticals and Beacon Medicare faced fines of Tk聽1 lakh and Tk聽5.5 crore.
Other violations included share price manipulation of Orion Pharma between September 21, 2021 and October 14, 2021.
Nabil Feed Mills and Nabil Naba Foods were fined Tk聽10 lakh each, while Aminul Islam was fined Tk聽3.2 crore.
The investigation extended to Bangladesh Finance Limited share prices.
Protective Islami Life Insurance chairman Sameer Sekander and directors Maher Sikander and Afra Chowdhury were fined Tk聽32.25 crore, Tk聽52 lakh and Tk 35 lakh respectively for share price manipulation in 2021.
The other penalties included Tk 7.1 crore for Anwar Galvanizing and Tk 85 lakh for City General Insurance for their involvement in Bangladesh Finance share price manipulation.
Individual investors Abu Sadat Md Sayem, Anika Farheen and Abul Mobin Mollah were fined Tk聽21.19 crore, Tk聽7.5 crore and Tk聽10 lakh respectively, for engaging in manipulative activities involving Bangladesh Finance shares.
The BSEC decided to run special audits on Bangladesh Export Import Company and Shinepukur Ceramics over the five years.
Both the companies are owned by Salman F Rahman, former adviser to the ousted prime minister Sheikh Hasina.