FE Report (February 9, 2011)
The securities regulator Tuesday lifted the curbs on the chief executive officer of Alliance Securities after investigators gave him a clean chit on his roles in triggering a market collapse last month, an official said.
The Securities and Exchange Commission last month banned Roy and five other heads of brokerage firms for a month for their alleged roles in sparking aggressive sales that sharply sank the market on January 20.
The six firms were also banned from trading for a month.
SEC Spokesman Mohammad Saifur Rahman said the commission has relieved Mr. Roy of all charges as its investigators found lack of evidences against him.
"The suspension imposed on his activities has been withdrawn based on the report of the investigation," he said.
The decision comes a couple of days after the SEC lifted the suspension orders on the six brokerages including Roy's Alliance Securities considering the interest of their tens of thousands of clients.
The securities regulator Tuesday lifted the curbs on the chief executive officer of Alliance Securities after investigators gave him a clean chit on his roles in triggering a market collapse last month, an official said.
The Securities and Exchange Commission last month banned Roy and five other heads of brokerage firms for a month for their alleged roles in sparking aggressive sales that sharply sank the market on January 20.
The six firms were also banned from trading for a month.
SEC Spokesman Mohammad Saifur Rahman said the commission has relieved Mr. Roy of all charges as its investigators found lack of evidences against him.
"The suspension imposed on his activities has been withdrawn based on the report of the investigation," he said.
The decision comes a couple of days after the SEC lifted the suspension orders on the six brokerages including Roy's Alliance Securities considering the interest of their tens of thousands of clients.
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