BSEC launches probe into HAC Securities after receiving complaint
To examine irregularities in the company’s activities, a three-member investigation committee has been formed. The committee has been instructed to submit its report to the BSEC within 60 working days.
The Bangladesh Securities and Exchange Commission (BSEC) has launched a formal investigation into the overall operations of HAC Securities Limited, a brokerage house, following a complaint from a client.
To examine irregularities in the company's activities, a three-member investigation committee has been formed. The committee has been instructed to submit its report to the BSEC within 60 working days.
According to sources, the BSEC's Market Intelligence and Investigation Division recently issued an order regarding the matter after receiving the complaint filed by a client named Faizur Rahman Chowdhury. The order has been sent to the managing director or chief executive officer of HAC Securities.
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The committee members include Abul Kalam Azad, additional director of BSEC, and assistant directors Maruf Hasan and Ashraf Hasan.
The inquiry will cover several issues including the number of margin accounts, the number of beneficiary owners' (BO) accounts with negative equity, reasons behind the rise in negative equity and those responsible, the total amount of negative equity, provisions or funds maintained against margin accounts, any shortfall in provisions, as well as unauthorized transactions in margin accounts. The committee has also been tasked with identifying any other relevant irregularities.
Provati Insurance Company Limited holds a 52% stake in HAC Securities.
