The Bangladesh Securities and Exchange Commission (BSEC) today served show cause notices to 15 stockbrokers for placing aggressive orders for selling shares.
The stockbrokers placed share sell orders during the 15-minute window before the start of today’s trading at ceiling prices, which is 2 per cent lower than the previous day’s closing price.
“This sort of activity may be treated as unlawful and with mal-intent,” the show cause notice read.
The stockbrokers are ordered to place share selling order at prices higher than the ceiling rate.
The prices can be set at the ceiling rates later if they do not find buyers, said Mohammad Rezaul Karim, spokesperson and executive director of the BSEC.
The BSEC has instructed the stockbrokers to explain their position within 48 hours from the issuance of the letter.
The stockbrokers are: Shahed Securities, Bank Asia Securities, Sheltech Brokerage, IDLC Securities, S&H Equities, LankaBangla Securities, BD Finance Securities, MTB Securities, Mercantile Bank Securities, UCB Stock Brokerage, Globe Securities, Shanta Securities, Island Securities, Quayum Securities and Midway Securities.