The Bangladesh Securities and Exchange Commission on Wednesday informed the Dhaka Stock Exchange that the commission might launch a special audit of Wata Chemicals following an unprecedented rise of its share price, said officials. The commission conveyed the message when a DSE delegation led by its chairman Siddiqur Rahman Miah met BSEC chairman M Khairul Hossain and its members on the day.

Meeting sources said Khairul expressed his concern over the abnormal rise in share prices of Wata Chemicals. ‘He also said that the BSEC was planning to conduct a special audit of the issue,’ a senior DSE official present in the meeting told New Age on Wednesday. The Wata shares rose an astonishing 716 per cent on Monday after declaring 30 per cent stock dividend, raising question among stakeholders. Experts said that Wata was delisted in 2009 for bad performance and it rose abnormally within three week after returning to the trading floor after a four-and-a-half-year gap.

The BSEC also launched a probe on Tuesday to investigate the matter. DSE chief executive officer Swapan Kumar Bala told reporters that the bourses decided to sit with the regulator once in a month to discuss the overall market condition. ‘We have talked about how to raise awareness among the investors so that they (investors) don’t go for rumour-based trading,’ he said.
He also said that the DSE requested the BSEC chairman to continue the budgetary support for the capital market in the coming fiscal year. ‘We also talked about monitoring the overall performance of the recently listed companies,’ he said.

BSEC members Helal Uddin Nizami, Arif Khan and Amzad Hossain and DSE director Monwara Hakim Ali, Khaja Golam Rasul and Sharif Anwer Hossain were also present in the meeting, among others.

Source :: The New Age