The Bangladesh Securities and Exchange Commission (BSEC) yesterday formed a four-member committee to probe the recent unusual price hike of nine listed companies.
The committee will look into reasons behind the price surge and whether any insider trading, manipulation or breach of law occured.
For all latest news, follow The Daily Star’s Google News channel. BSEC Director Sheikh Mahbubur Rahman will head the committee and submit their report within 60 days.
The companies now under the BSEC’s scanner are: Emerald Oil, Anwar Galvanizing, GBB Power, Bangladesh National Insurance, National Feed Mills, Paper Processing and Packaging, Dacca Dyeing, Fu-Wang Ceramic, and Beacon Pharmaceuticals.
Emerald Oil stocks hit a record high of Tk 37.5 recently, which is four times more compared to Tk 9.50 six months ago.
Stocks of Anwar Galvanizing advanced three times to as high as Tk 319 from Tk 101 six months ago while the shares of other companies also rose.
For instance, stocks of Paper Processing and Packaging surged by nearly 10 times to as high as Tk 164 recently from TK 17 six months ago, trade data at the Dhaka Stock Exchange showed.
The price of Beacon Pharmaceuticals soared 173 per cent to as much as Tk 230 per share from Tk 84 at the same time.
The committee will investigate the reasons behind the suspicious share transactions of these companies and look into possible insider trading, price manipulation and securities violations.
