ICB risks Tk5cr fine if irregularities continue: BSEC
BSEC accused the brokerage firm of committing irregularities, including providing margin loans to customers in cash accounts
ICB Securities Trading Company Ltd will be fined Tk5 crore if it fails to address irregularities in several areas by 30 September, said Bangladesh Securities and Exchange Commission on Sunday.
The brokerage firm will further be fined Tk10,000 per day, if irregularities continue past the deadline, BSEC said in a press statement.
The BSEC decision to fine ICB Securities came at its 789th commission meeting.
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"The brokerage house has been committing irregularities such as providing margin loans to customers in cash accounts, not keeping proper records of customer securities, managing more than one integrated customer account in the same listed bank, managing more than one individual and joint BO account in the name of one customer," according to the press statement.
ICB securities is a sister concern of the Investment Corporation of Bangladesh (ICB).
