The Bangladesh Securities and Exchange Commission (BSEC) plans to seek a travel ban on top officials of Dhanmondi Securities and PFI Securities for embezzling Tk 353.6 million from clients’ consolidated customers’ accounts (CCAs). The BSEC will also request the depository authority to freeze the beneficiary owner accounts of these officials. Dhanmondi Securities misappropriated Tk 77.4 million and PFI Securities Tk 276.2 million. The BSEC has canceled their extension requests for fulfilling CCAs deficits and imposed restrictions including suspension of IPO quotas and renewal of licenses. Additionally, travel bans were previously requested for Moshihor Securities’ officials. Earlier, 68 brokerage firms were found to have misappropriated Tk 4.34 billion from CCAs, leading to the suspension of 14 firms’ licenses. Four firms, including Tamha Securities and Banco Securities, embezzled over Tk 2 billion, and the Dhaka Stock Exchange has refunded Tk 297.6 million to affected investors from the Protection Fund.
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