SEC Quarterly Review JUL-SEP, 1999

During April-June 2002 the following brokerage houses, issuer companies and stock exchanges have been penalized or warned, or directives issued to them for reasons appearing their against:

(A) Brokerage House: Penalty

Name of the Brokerage House	Nature of Default	Commission’s Action
Dawn International (DSE Membership No. 141)	Failure to comply with provisions of securities laws.	Taka one lac penalty imposed.

(B) Brokerage House: Warning

Name of the Brokerage House	Nature of Default	Commission’s Action
Azam Securities Limited (DSE Membership No. 19)	Alleged violation of the condition of the stock-broker registration granted under the wmwKDwiwUR I G·‡PÄ Kwgkb (óK-wWjvi, óK-‡eªvKvi I Aby‡gvw`Z cÖwZwbwa) wewagvjv, 2000.	Warning letter issued for compliance of securities laws in future.
CMSL Securities Limited (CSE Membership No. 61)	Alleged violation of the provisions of rule 4, sub-rules (2), (3) of the Securities and Exchange Rules, 1987.	Warning letter issued for compliance of securities laws in future.
Imtiyaz Husain & Company (DSE Membership No. 50)	Alleged violation of the provisions of the Margin Rules, 1999.	The Commission decided to dispose off the proceedings.
SCL Securities Limited (DSE Membership No. 121)	Alleged violation of the provisions of the Margin Rules, 1999.	Warning letter issued for compliance of securities laws in future.

(C) Issuer Company: Directors Penalized

Name of the Issuer Company	Nature of Default	Commission’s Action
Mrs. Sufia Quasem, Chairperson, Maq Enterprises Limited	Failure to comply with directive issued under section 20A of the Securities and Exchange Ordinance, 1969, read with The Securities and Exchange (Amendment) Act, 2000	Taka 2 lac penalty imposed. In case of failure to comply with the Commission’s directive issued under section 20A of the Securities and Exchange Ordinance, 1969 within sixty days from the date of penalty order, a further sum of penalty at the rate of Tk. 10 thousand per day also imposed, if refusal, failure or contravention continues.
Mr. M. A. Quasem, Managing Director, Maq Enterprises Limited	Failure to comply with directive issued under section 20A of the Securities and Exchange Ordinance, 1969, read with The Securities and Exchange (Amendment) Act, 2000	Taka 4 lac penalty imposed. In case of failure to comply with the Commission’s directive issued under section 20A of the Securities and Exchange Ordinance, 1969 within sixty days from the date of penalty order, a further sum of penalty at the rate of Tk. 10 thousand per day also imposed, if refusal, failure or contravention continues.
Mr. A. Q. M. Mahbubul Alom, Director, Maq Enterprises Limited	Failure to comply with directive issued under section 20A of the Securities and Exchange Ordinance, 1969, read with The Securities and Exchange (Amendment) Act, 2000	Taka 1 lac penalty imposed. In case of failure to comply with the Commission’s directive issued under section 20A of the Securities and Exchange Ordinance, 1969 within sixty days from the date of penalty order, a further sum of penalty at the rate of Tk. 10 thousand per day also imposed, if refusal, failure or contravention continues.
Mr. Quasem Rob, Director, Maq Enterprises Limited	Failure to comply with directive issued under section 20A of the Securities and Exchange Ordinance, 1969, read with The Securities and Exchange (Amendment) Act, 2000	Taka 1 lac penalty imposed. In case of failure to comply with the Commission’s directive issued under section 20A of the Securities and Exchange Ordinance, 1969 within sixty days from the date of penalty order, a further sum of penalty at the rate of Tk. 10 thousand per day also imposed, if refusal, failure or contravention continues.
Mr. Quasem Azam, Director, Maq Enterprises Limited	Failure to comply with directive issued under section 20A of the Securities and Exchange Ordinance, 1969, read with The Securities and Exchange (Amendment) Act, 2000	Taka 1.00 lac penalty imposed. In case of failure to comply with the Commission’s directive issued under section 20A of the Securities and Exchange Ordinance, 1969 within sixty days from the date of penalty order, a further sum of penalty at the rate of Tk. 10 thousand per day also imposed, if refusal, failure or contravention continues
Mr. Shadat Hossain, Director, Maq Enterprises Limited	Failure to comply with directive issued under section 20A of the Securities and Exchange Ordinance, 1969, read with The Securities and Exchange (Amendment) Act, 2000	Taka 1 lac penalty imposed. In case of failure to comply with the Commission’s directive issued under section 20A of the Securities and Exchange Ordinance, 1969 within sixty days from the date of penalty order, a further sum of penalty at the rate of Tk. 10 thousand per day also imposed, if refusal, failure or contravention continues
Mr. Ragib Ahsan, Chairman. J.H. Chemical Industries Limited	Failure to comply with securities related laws	Taka 8 lac penalty imposed. In case of failure to comply with the securities related laws mentioned in the order within sixty days from the date of penalty order, a further sum of penalty at the rate of 10 thousand per day also imposed, if refusal, failure or contravention continues.
Mr. Syed Afsar Hussain , Managing Director, J.H. Chemical Industries Limited	Failure to comply with securities related laws	Taka 4. lac penalty imposed. In case of failure to comply with the securities related laws mentioned in the order within sixty days from the date of penalty order, a further sum of penalty at the rate of Tk. 10 thousand per day also imposed, if refusal, failure or contravention continues.
Mr. Debabrata Datta, Director. J.H. Chemical Industries Limited	Failure to comply with securities related laws	Taka 2 lac penalty imposed. In case of failure to comply with the securities related laws mentioned in the order within sixty days from the date of penalty order, a further sum of penalty at the rate of Tk. 10 thousand per day also imposed, if refusal, failure or contravention continues.
Mr. Md. Nurul Alam, Director. J.H. Chemical Industries Limited	Failure to comply with securities related laws	Taka 2 lac penalty imposed. In case of failure to comply with the securities related laws mentioned in the order within sixty days from the date of penalty order, a further sum of penalty at the rate of Tk. 10 thousand per day also imposed, if refusal, failure or contravention continues.

(D) Issuer Company: Directive/ Order

Name of the Issuer Company	Nature of Default	Commission’s Action
Bangladesh Welding Electrodes Limited	Non- payment of outstanding principal and interest on debenture	Directives issued on June 19, 2002 against the company and its all the members of board of directors to make payment of all the outstanding principal and interest of debentures immediately and furnish a certificate of compliance within seven days from the date of the directive.
Bangladesh Luggage Industries Limited	Non- payment of outstanding principal and interest on debenture	Directives issued on June 23, 2002 against the company and its all the members of board of directors to make payment of all the outstanding principal and interest of debentures immediately and furnish a certificate of compliance within seven days from the date of the directive.
Bangladesh Zipper Industries Limited	Non- payment of outstanding principal and interest on debenture	Directives issued on June 23, 2002 against the company and its all the members of board of directors to make payment of all the outstanding principal and interest of debentures immediately and furnish a certificate of compliance within seven days from the date of the directive.