Business Desk :
The Bangladesh Securities and Exchange Commission (BSEC) on Monday ordered the suspension of 15 authorised traders for aggressively selling off shares of several companies and thus creating panic among investors.
“Our surveillance found several brokerage firms engaging in the creation of abnormal sell pressure in some large-cap scrips. They put zero-price bulk orders that dragged down the stocks’ price abnormally and that is why the commission ordered nine brokerage firms to suspend 15 of their traders,” BSEC Executive Director Rezaul Karim told.
Authorised representatives or traders execute buy-sell orders at brokerage firms. Zero price orders refer to putting sell orders without asking any price intended to sell off at any available price and that in bulk volume is a violation of the codes for authorised representatives.
Of the 15 suspended traders, five worked for ICB Securities Trading, two for Rashid Investment Services and Shyamol Equity Management, and one each for brokerage firms Parkway Securities, Quayum Securities, Mercantile Bank Securities, TA Khan Securities, JKC Securities, and Kazi Equities.
