SEC Quarterly Review JUL-SEP, 1999

^{SEC
Quarterly Review}

^{Oct-Dec
2001}

ENFORCEMENT

During October-December 2001 the following brokerage houses, issuer companies, merchant bank and individuals have been penalized or warned, or directives issued to them for reasons appearing against their names:

(A) Brokerage House: Penalty and/or License Suspension

Name of the Brokerage House	Nature of Default	Commission’s Action
Premium Securities Limited (DSE Membership No. 181)	Failure to submit audited financial statements in due time as prescribed by law.	License suspended for 30 (thirty) days.
Anwar Securities Co. (DSE Membership No. 109)	Failure to comply with securities related laws.	License suspended for 15 (fifteen) days.
Zahid Hossain & Co. (DSE Membership No. 110)	Failure to comply with provisions of securities laws.	Taka one lac penalty imposed.
Md. Shamsul Alam (DSE Membership No. 133)	Failure to comply with provisions of securities laws.	License suspended for 1 (one) year.
SCL Securities Ltd. (DSE Membership No. 121)	Failure to comply with the provisions of Settlement of Stock Exchange Transactions Regulations, 1998, as amended.	Taka one lac penalty imposed earlier. Thereafter appeal rejected.
Karnaphuli Securities and Consultants Limited (CSE Membership No. 64)	Failure to comply with provisions of securities laws.	License cancelled earlier. Thereafter appeal rejected.

(B) Brokerage House: Warning and Miscellaneous

Name of the Brokerage House	Nature of Default	Commission’s Action
Premium Securities Limited (DSE Membership No. 181)	Failure to submit audited financial statements in due time as prescribed by law.	Warning letter issued asking for compliance of securities laws in future.
Paramount Securities Limited (CSE Membership No. 106)	Failure to comply with the provisions of Settlement of Stock Exchange Transactions Regulations, 1998.	Warning letter issued asking for compliance of securities laws in future.

(C) Brokerage House: Directives

Name of the Brokerage House	Nature of Default	Commission’s Action
M/s. Harunur Rashid & Co. (DSE Membership No. 05)	Non-payment of dues to Mr. Tariqul Islam, an investor	Directives issued to make payment of the dues to the investor, Mr. Tariqul Islam within 30 (thirty) days with exception of payment of 18% interest.
J R Capital Management Limited (DSE Membership No. 107) and Securities Promotion and Management Limited (DSE Membership No. 146)	Non-payment of money and non-delivery of securities to the investors.	Directives issued to DSE not to sale/transfer of the concerned membership without prior approval of the Commission.

(D) Issuer Company: Penalty

Name of the Brokerage House	Nature of Default	Commission’s Action
Dynamic Textile Industries Limited	Non-compliance of securities laws in connection with dividend payment.	Taka one lac penalty imposed.
Mark Bangladesh Shilpa and Engineering Ltd.	Non-cooperation with the auditor appointed by the Commission for audit of the financial statements for the year ended 30^th June 2000.	Taka ten crore penalty imposed.

(E) Issuer Company: Warning

Name of the Issuer Company	Nature of Default	Commission’s Action
Perfume Chemical industries Limited	Non-compliance of securities laws in connection with dividend payment.	Warning letter issued for compliance of securities laws in future.
National Tubes Limited	Non-compliance of securities related laws in connection with disclosure of price sensitive information.	Taka one lac penalty imposed earlier. Later considering the review petition of the company, penalty waived and warning letter issued for compliance of securities laws in future.
Reckitt Benckiser (Bangladesh) Limited	Non-compliance of securities related laws in connection with disclosure of price sensitive information.	Warning letter issued asking for compliance of securities laws in future.
M. Hossain Garments Washing & Dyeing Limited	Non-compliance of securities related laws in connection with dividend payment declared during 2000 for the year 1997.	Warning letter issued asking for compliance of securities laws in future.
Bangladesh Thai Aluminium Limited	Non-compliance of securities related laws in connection with disclosure of price sensitive information.	Warning letter issued asking for compliance of securities laws in future.

(F) Issuer Company: Directives/ Orders

Name of the Issuer Company	Nature of Default	Commission’s Action
Bangladesh Electricity Meter Co. Limited	Non-compliance of securities related laws in connection with disclosure of price sensitive information.	Taka two lac penalty imposed earlier. Thereafter appeal rejected.
Maq Enterprises Ltd.	Non-cooperation with the auditor appointed by the Commission for audit of the financial statements for the financial year 1999-2000.	Directives issued to cooperate with the auditor.
Purabi General Insurance Company Limited	Non-payment of declared dividend	Directives issued to pay off the dividend to the complainants.
Dhaka Vegetable Oil Industries Limited	Non-cooperation with the auditor appointed by the Commission for audit of the financial statements for the financial year 1999-2000.	Directives issued to cooperate with the auditor.
Rupan Oil and Feeds Limited	Not holding Annual General Meetings.	Directives issued to take necessary measures to hold pending AGMs within April 30, 2002.

(G) Merchant Bank: Order

Name of the Merchant Bank	Nature of Default	Commission’s Action
Satcom Securities and Management Limited	Non-compliance of securities laws.	License cancelled earlier. Thereafter appeal rejected.

(H) Individual: Orders

Name of the Individual

Nature of Default

Commission’s Action

Mr. A. B. M. Kamaluddin Khan, Sponsor and Director, National Credit and Commerce Bank Limited

Failure to comply with securities laws relating to sale of bonus share.

Taka one lac penalty imposed earlier. Appeal rejected.

Mr. Raisul Alam, Old Bus Stand, Muktaghacha, P. o. & P. S. Muktaghacha, Muymensingh and

Mr. Mahbubur Rahman

43-R/5, Indira Road,

Dhaka-1215

Dispute regarding ownership of shares.

Directives issued not to sale shares without having further direction from the Commission.