Bluechip Securities gets ultimatum to resolve complaints
The firm allegedly sold shares to customers without its clients’ permission
The stock market regulator has issued an ultimatum to Bluechip Securities Ltd – previously known as Khurshid Securities Ltd – to resolve all complaints from its clients and employees within 31 May this year.
On Wednesday, the Bangladesh Securities and Exchange Commission (BSEC) issued the ultimatum.
The brokerage firm has been accused of selling shares to customers without permission from their clients, sources said.
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The firm allegedly did not pay Tk62.70 crore to its employees from 2008 to 2017, added the sources. The employees did not get their dues despite numerous attempts.
The market regulator met with the management of Bluechip Securities Ltd through the Dhaka Stock Exchange.
If the firm failed to resolve the allegations within 31 May 2022, the commission will suspend the free limit facilities the brokerage firm gets from the stock exchange, initial public offering (IPO) quota facilities that make the firm eligible as a qualified investor, and the dividends they get as a member of the stock exchange, according to BSEC sources.
Even the digital booths and/or branch openings of the brokerage firm will be suspended if they fail to comply, they said.
Also, the renewal of depository participant licences of the brokerage firm will be suspended if it failed to clear the dues, the sources added.
