SEC fines Dragon Sweater and Spinning Tk 3 million for not keeping accounts properly 

The SEC said in a media release that it took the decision to fine the company at a meeting on Tuesday.

The RMG firm got listed on the share market in March last year and collected Tk 400 million by offering 40 million shares with Tk 10 face value per share.

It spent in cash 53.62 percent of the fund collected through its initial public offering or IPO, but did not show the spending in its financial statement.

It violated the law by not including correct information in its financial statement, according to the SEC.

The firm was found to have breached the law by not purchasing machinery and implementing projects in time following its IPO declaration.

The capital market regulators also fined M Securities Tk 1 million for violating several laws, including irregularities in giving margin loans.