The Bangladesh Securities and Exchange Commission (BSEC) has levied a Tk20-lakh penalty on stock investor Abul Khayer and his associates for non-compliance with securities laws in trading Genex Infosys’ shares. The decision, made in late February 2024, follows a sharp surge in Genex Infosys’ share price from Tk68 to Tk116 in just a few working days in October 2022. Additionally, the share price soared to Tk110 from Tk75 in December 2023 without valid justification. This recent fine comes after BSEC previously fined Abul Khayer over Tk2 crore in June 2022 for manipulating share prices of Asia Insurance, Bangladesh National Insurance, and Green Delta Insurance.
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