Abul Khayer and his allies fined Tk20 lakh for breaching laws in share trading
The securities regulator also fined Abul Khayer more than Tk2 crore in June 2022
The Bangladesh Securities and Exchange Commission (BSEC) has slapped a Tk20-lakh fine on stock investor Abul Khayer and his associates on a charge of non-compliance with securities laws in trading Genex Infosys' shares.
In the last week of February, the securities regulator made the decision.
On 22 October 2022, Genex Infosys' share price was traded at Tk68 which reached Tk116 in just a few working days. After that, on 27 December last year, its share price soared to Tk110 from Tk75 without any valid reason.
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The closing share price of Genex Infosys stood at Tk61.10 on the Dhaka Stock Exchange on Monday.
Abul Khayer did not respond to repeated phone calls from TBS for a comment.
Earlier in June 2022, the securities regulator fined Abul Khayer more than Tk2 crore on a charge of manipulating the share prices of Asia Insurance, Bangladesh National Insurance, and Green Delta Insurance.
In May 2022, the securities regulator formed a probe committee to investigate the securities law violation by Abul Khayer and his allies in trading Safko Spinning Mills shares.
Genex Infosys Limited — Bangladesh's largest call centre service provider — raised Tk20 crore through an initial public offering from the capital market in 2019 for business expansion.
In the July-December period of 2023, the company's consolidated revenue stood at Tk85.08 crore, which was Tk84.54 crore in the same period of the previous year.
During the period, its consolidated financial cost stood at Tk10.76 crore, which was Tk5.08 crore a year ago.
Its consolidated profit after tax was Tk19.31 crore, down from Tk29.67 crore in the same period of the previous year.
The consolidated earnings per share of the company stood at Tk1.66 and its net asset value per share was Tk19.69 at the end of December 2023.
As of 29 February 2024, sponsor directors retain a 30.05% stake, institutional investors hold 24.93%, foreign investors 0.04% and general shareholders possess 44.98% of the company's shares.
