Regulatory body BSEC imposes a fine of Tk9.27 crore on Genex Infosys' board for manipulating Sonali Paper shares
The Bangladesh Securities and Exchange Commission (BSEC) has imposed a total fine of Tk9.27 crore on the board of Genex Infosys Limited due to their involvement in share manipulation of Sonali Paper & Board Mills Ltd, a listed firm in the paper and printing industry.
According to a circular issued by the BSEC, each director of Genex Infosys, including the independent ones, has been fined Tk1.03 crore. Additionally, Genex Infrastructure Ltd, a subsidiary of Genex Infosys Limited, has been fined Tk2.55 crore.
The manipulation occurred between 1 and 30 December 2021 and involved transactions of Sonali Paper & Board Mills shares. This violation of the Securities Act led to the imposition of these fines.
On Wednesday, the share price of Sonali Paper & Board Mills closed at Tk275.70, showing an increase of 0.77% from the previous session. The company posted a profit of Tk12.48 crore in FY24 and recently declared a 40% cash dividend to shareholders.
It's worth noting that there are no publicly available records indicating any past directors of Genex Infosys Limited in the paper and printing industry who were fined by the BSEC after December 1, 2021.
The BSEC has been vigilant in maintaining the integrity of the securities market and has taken action against such violations to ensure fair and transparent trading practices. The fines imposed serve as a deterrent for any future misconduct.
The share price movement of Sonali Paper & Board Mills following the announcement of the fines on Genex Infosys will be interesting to watch. Investors are advised to exercise caution and make informed decisions based on comprehensive research and analysis.
Read also:
- Planned construction of enclosures within Görlitzer Park faces delays
- Foreign financial aid for German citizens residing abroad persists
- United States and Russia prepared to delve deeper into negotiations regarding the Sakhalin 1 oil and gas project
- Heavy-duty zero-emission vehicles may be exempted from tolls for how long, according to the commission's proposal.
