Sinha Securities’ Chairman Parveen Akhter Khanam will sell two lakh shares from her holdings of 65.15 lakh shares in The ACME Laboratories to diminish the deficit in the consolidated buyer myth (CCA) of the brokerage firm.
The shares are valued at over Tk1.47 crore, according to Monday’s trace of Tk73.80 each on the Dhaka Stock Exchange (DSE).
Parveen Akhter Khanam, a sponsor shareholder of the drug producer, is taking this step as per instructions from the Bangladesh Securities and Exchange Price (BSEC).
Per the DSE, as of 14 August, the deficit in Sinha Securities’ CCA stood at Tk8.49 crore, a shrimp lowered from Tk8.51 crore on 7 March. The decrease-off date to quilt the overall deficit grow to be 19 March 2024.
Because the extension interval for addressing the deficit approached its result in March this year, Sinha Securities requested an extra one-year extension from the BSEC and sought renewal of its depository participant (DP) licences. On the opposite hand, the cost rejected the request.
Later in September, the BSEC made up our minds to freeze all financial institution and beneficiary proprietor (BO) accounts of the company’s directors, alongside with the managing director and chief executive officer (CEO), according to sources.
The fee furthermore requested the Bangladesh Monetary Intelligence Unit (BFIU) to freeze the financial institution accounts and imposed a bound ban on the administrators, managing director, and CEO of the firm.
The owners of Sinha Securities have been struggling to take care of the deficit amid ongoing industry challenges.
The CCA
A CCA is a separate checking myth maintained by stockbrokers to abet unused money from their customers’ BO accounts.
It is strictly prohibited to utilise this money for any operate as an alternative of paying for securities purchased by the customer or collecting commissions or charges owed by the customer.
Any exercise of funds from the CCA for capabilities as an alternative of these specified payments ends in a deficit in the parable.
In this case, the owners of Sinha Securities have utilised funds from the CCA accounts, leading to the deficit.
BSEC instruction
In a disclosure on 1 December, the company stated that the BSEC had suggested Parveen Akhter Khanam, a sponsor shareholder of the company and chairman of Sinha Securities, to sell 22 lakh shares of The ACME Laboratories to offset the deficit in the CCA of Sinha Securities.
In line with the cost’s instruction, Parveen Akhter Khanam in a stock change submitting on Monday expressed her device to sell two lakh shares from her total holdings in The ACME Laboratories at the prevailing market trace, either in the overall public or block market, by technique of the DSE within the following 30 working days.
