DHAKA: The Securities and Exchange Commission (SEC) rejected an appeal by the Arafat Securities Limited (ASL) for exemption of fine that the regulator had earlier imposed for irregularities by the brokerage house.

The SEC took the decision at its meeting, a competent source confirmed.

However, Executive Director of SEC Md. Farhad Ahmed told banglanews24.com.bd that he was not aware of the decision.

Earlier, the SEC had fined Arafat Securities Tk 100, 000 for their irregularities that include failure in preserving customer’s accounts and trading without approval.

The SEC also formed a four-member probe committee to investigate into illegal transaction by the ASL at Nogoan. The committee was asked to submit report within four working days.

The SEC suspended the transaction of ASL, a member of Dhaka Stock Exchange for a month on August 1 for illegal transaction.

Sources said Arafat Securities had paid fine several times for irregularities.

BDST: 2020 HRS. AUGUST 05, 2010.