The Bangladesh Securities and Exchange Commission (BSEC) has imposed fines on 12 individuals and entities, including the controversial investor Abul Khayer Hiru, for manipulating shares of five publicly listed companies. A total of Tk 135 crore in penalties was levied for violations of securities regulations.

On December 5, the BSEC held its 934th commission meeting, chaired by its Chairman Khondker Rashed Maksud. Following the meeting, a press release signed by Executive Director and spokesperson Mohammad Rezaul Karim detailed the decisions.

According to the release, fines were imposed due to market manipulation in the shares of five listed companies and units of one mutual fund, violating securities laws. For manipulation of Fortune Shoes Limited shares from October 3 to October 26, 2021, penalties were imposed as follows: Abul Kalam Matbor (Tk 7.2 crore), DIT Cooperative Limited (Tk 15 crore), Kazi Sadia Hasan (Tk 25 crore), Konika Afroze (Tk 19 crore), Md. Abul Khayer (Tk 11 crore), and Sajid Matbor (Tk 1 lakh).

In the case of Delta Life Insurance Company Limited shares manipulated between September 9 and October 26, 2021, fines included: Sajed Matbor (Tk 1.6 crore), Md. Bashar (Tk 1.15 crore), Md. Abul Khayer (Tk 19.15 crore), Konika Afroze (Tk 2.9 crore), Kazi Sadia Hasan (Tk 1.9 crore), Kazi Fuad Hasan (Tk 1 lakh), DIT Cooperative (Tk 84 lakh), and Abul Kalam Matbor (Tk 22.3 crore).

For manipulations involving shares of NRB Commercial Bank Limited from October 7 to October 27, 2021, fines were as follows: Md. Abul Khayer (Tk 2.3 crore), Abul Kalam Matbor (Tk 4.15 crore), Kazi Sadia Hasan (Tk 11 lakh), Konika Afroze (Tk 1 lakh), DIT Cooperative (Tk 12 lakh), Aleya Begum (Tk 1 lakh), Mohammad Basher (Tk 1 lakh), Monarch Holdings Limited (Tk 1 lakh), and Sajeda Matbor (Tk 1 lakh).

Additionally, for misconduct involving shares of Sonali Paper and Board Mills Limited from June 28 to August 5, 2021, penalties were: Md. Abul Khayer (Tk 1 lakh), Abul Kalam Matbor (Tk 1 lakh), Kazi Sadia Hasan (Tk 2 lakh), Konika Afroze (Tk 1 lakh), Kazi Farid Hasan (Tk 35 lakh), and Kazi Fuad Hasan (Tk 35 lakh).

Lastly, for manipulation of units of Prime Finance First Mutual Fund between November 23 and December 19, 2023, fines were levied on Mahfuza Akter (Tk 12 lakh) and Dewan Salehin Mahmud (Tk 40 lakh).