FE Report (January 27, 2011)
The securities regulator has formed six separate committees to investigate the alleged irregularities by six brokerage firms the operations of which were suspended for one month by it earlier, officials said.
However, the Securities and Exchange Commission (SEC) Wednesday granted permission to the NCC Bank Securities, one of the six brokerage firms, to resume trading. But the investigation will be go on as usual to detect irregularities, if there is any, said officials.
The other securities firms whose trade will remain suspended for thirty days are: IIDFC, PFI, Alliance, Dhaka Bank and Al Arafa Islamic Bank.
Except the NCC Bank, other five firms had filed writ petitions with the High Court but the court rejected the petitions.
The officials of the SEC said, NCC Bank applied to the regulator to review its decision and the regulator gave its consent to resume trading by NCC Bank considering the merit of its application.
"By this time, NCC Bank Securities has suspended its managing director and two representatives and making efforts to bring back stability in the market by purchasing a reasonable volume of shares," the official said.
The securities regulator has formed six separate committees to investigate the alleged irregularities by six brokerage firms the operations of which were suspended for one month by it earlier, officials said.
However, the Securities and Exchange Commission (SEC) Wednesday granted permission to the NCC Bank Securities, one of the six brokerage firms, to resume trading. But the investigation will be go on as usual to detect irregularities, if there is any, said officials.
The other securities firms whose trade will remain suspended for thirty days are: IIDFC, PFI, Alliance, Dhaka Bank and Al Arafa Islamic Bank.
Except the NCC Bank, other five firms had filed writ petitions with the High Court but the court rejected the petitions.
The officials of the SEC said, NCC Bank applied to the regulator to review its decision and the regulator gave its consent to resume trading by NCC Bank considering the merit of its application.
"By this time, NCC Bank Securities has suspended its managing director and two representatives and making efforts to bring back stability in the market by purchasing a reasonable volume of shares," the official said.
No comments:
Post a Comment