Fake BO Accounts
Three merchant banks blacklisted
1,53,000 shares of Grameen Mutual blocked
Star Business Report
The Securities and Exchange Commission (SEC) has blacklisted three merchant banks for their alleged involvement in applying for primary shares through fake beneficiary owners' accounts.The SEC is now conducting an investigation against the merchant banks-- Bangladesh Mutual Securities Limited, Capital Market Services Limited and Raspit Securities and Management Limited. The SEC primarily found the three merchant bankers guilty of submitting applications through fake BO accounts for primary shares of Meghna Life Insurance Company Limited a few days ago. The SEC also directed to the Asset and Investment Management Services (AIMS) Bangladesh Limited to block allocation of the share units of 'Grameen One' in favour of the three merchant banks. Following the SEC directive, the AIMS has blocked a total of 1,53,000 unit of shares against 306 applications allotted to the portfolio account holders of the three merchant banks. Expressing dissatisfaction, AIMS Bangladesh Managing Director Yawar Syeed said it will hamper the overall activities of the Gramme One. He said the SEC could have issued the directive before conducting the lottery held on August 21. Grameen One, the first scheme of Grameen Mutual Fund One, raised worth Tk 5 crore, through public offer for 50 lakh units of Tk 10 each.
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