Securities and Exchange Commission

Enforcement Department

Following enforcement actions were taken by the Commission during January, 2003: 

Sl. No.

Date

Nature of default/Appeal

Commissionís decision

01

05/01/2003

Appeal against Commissionís order dated 23/10/2002 imposing panalty of Taka 5.00 lacs (and also additional penalty of Taka 10,000 per day if default continuous after 15 days) on Mr. Md. Shariful Islam, Managing Director of Meghna Shrimp Culture Ltd. for non payment of declared dividend. 

Appeal rejected

02.

06/01/2003

Violation of license condition No. 11 (for non participation of trading activities during 2001) by Chittagong Stock Exchange dealer Estern Insurance Co. Ltd. (CSE Member No. 098). 

Letter issued with warning to comply with all securities laws in future.

03.

08/01/2003

Violation of rule 13 of the Securities and Exchange Rules, 1987 (for delayed submission of Half Yearly Accounts) by M. Hossain Garments Washing & Dyeing Ltd. 

Letter issued with warning to comply with all securities laws in future.

04.

08/01/2003

Violation of condition (c) of the Commissionís order No. SEC/CFD Ė71/2001/Admin/02/05 dated 3rd January 2002 (for non submission of audio visual tape of AGM to the Commission) by Arbee Textiles Ltd. 

Letter issued with warning to comply with all securities laws in future.

05.

08/01/2003

Violation of condition (b) of the Commissionís order No. SEC/ SRMID/2000-953/Admin/02/04 dated 10th October 2002 (appointment of same Auditor for more then three years) by Saleh Carpet Mills Ltd. 

Letter issued with warning to comply with all securities laws in future.

06.

29/01/2003

Violation of license condition No. 11 (for non participation of trading activities during 2001) by Chittagong Stock Exchange dealer Trendset Securities Ltd. (CSE Member No. 77) 

Letter issued with warning to comply with all securities laws in future.

07.

29/01/2003

Violation of license condition No. 11 (for non participation of trading activities during 2001) by Chittagong Stock Exchange dealer Legend Capital Management Ltd. (CSE Member No.109) 

Letter issued with warning to comply with all securities laws in future.