BSEC launches probe into NRB Bank Securities over possible irregularities
The investigation will examine allegations of illegal transactions, use of undeclared funds, and dealings with related parties
The Bangladesh Securities and Exchange Commission (BSEC) has initiated an enquiry into NRB Bank Securities, a Dhaka stock exchange member, to protect the interests of the capital market and general investors.
In the last week of July, the Commission issued a formal letter to the concerned parties regarding this investigation.
A three-member enquiry committee has been formed, consisting of Mohammad Emdadul Haque, Deputy Director of BSEC; Mithun Chandra Nath, Assistant Director of BSEC; and Mohammad Ikram Hossain, Manager of DSE.
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The investigation will examine allegations of illegal transactions, use of undeclared funds, and dealings with related parties. It will also review any violations of securities rules during shareholder changes or board appointments.
The probe will assess whether Chairman Badiuzzaman or any board members were involved in insider trading, market manipulation, or unauthorized control over retail investors' trading activities. Compliance with corporate governance codes and relevant regulations will also be evaluated.
The committee is required to complete the enquiry and submit its report to the Commission within 60 days from the date of the order.
An official of BSEC, speaking on condition of anonymity, said the committee will conduct a thorough investigation. After receiving the report, the Commission will decide on the next steps. He added that the committee was formed based on certain allegations and initial findings.
The reporter tried to contact the CEO of NRB Bank Securities by phone for a comment, but the call was not answered.
