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BSEC suspends Sinha Securities’ operations

Industry: Financial, Stock Brokerage
Company: Sinha Securities Limited
Company Intelligence Tag: Regulatory Insights

The Bangladesh Securities and Exchange Commission (BSEC) has suspended operations of Sinha Securities Limited, a member firm of the Dhaka Stock Exchange (DSE), due to a deficit in its consolidated customers’ accounts. The BSEC didn’t renew the company’s Depository Participant (DP) registration certificate after it expired on 29 April 2023.

Sinha Securities operates around 5,000 beneficiary owners (BO) accounts. The company made a deficit several times from March this year, which led to the latest deficit standing at Tk82 lakh. The BSEC is planning to form an inquiry committee to investigate the situation. Sinha Securities owes the Central Depository Bangladesh Limited (CDBL) Tk3.06 crore, which it has paid off through 12 installments. The capital market experienced four major incidents of investors’ funds and securities embezzlement by brokerage firms in 2019, 2020, and 2021.

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