The Bangladesh Securities and Exchange Commission (BSEC) yesterday decided to conduct a special audit into three major concerns of much-discussed Beximco Group and fined 21 individuals and firms Tk 134 crore for their involvement in the manipulation of shares of Bangladesh Finance and two concerns of Orion Group.

A penalty of Tk 70.57 crore was slapped on 11 persons and firms for manipulating share prices of Bangladesh Finance while six persons and three firms were fined Tk 63.61 crore for doing the same with shares of Orion, the capital market regulator said in a statement after a meeting chaired by BSEC Chairman Khandaker Rashid Maqsood yesterday.

The capital market regulator also said it would carry out special audits into the activities and audited accounts of three listed companies of Beximco Group -- Bangladesh Export Import Company Ltd, BEXIMCO Pharmaceuticals Ltd, and Shinepukur Ceramics Limited.

"We will issue an order to hire an independent chartered accountancy firm to conduct a special audit into the activities and audited accounts of the firms. The auditor will work based on terms of reference and submit its report to the commission," BSEC Spokesperson Mohammad Rezaul Karim said.

The commission will decide what steps to take based on the report, he added.

The latest moves come as part of a series of measures taken by the capital market regulator to curb manipulation and bring discipline to a market that large and institutional investors have lost confidence in.

Last week, the new commission, which assumed charge after the previous commission resigned following the ouster of Awami League on August 5 this year, fined Abul Khayer Hiru as well as his relatives and associates Tk 134 crore for manipulating stocks of Fortune Shoes, Delta Life Insurance, NRB Commercial Bank, and Sonali Paper & Board.

In early October, the BSEC imposed a fine of Tk 428 crore on five firms and four individuals for manipulating Beximco Ltd's stocks, an unprecedented penalty in the country's capital market.

In September, the BSEC formed an investigation committee to examine any irregularities in the issuance of two bonds related to Beximco and in the selection of Bashundhara Group's ABG as the strategic partner of the Chittagong Stock Exchange.

Yesterday, the BSEC fined two companies -- City General Insurance and Anwar Galvanizing Ltd -- for manipulating Bangladesh Finance's shares. For the same, Sameer Sekander was fined Tk 9 crore, Maher Sekander Tk 10 lakh, Afra Chowdhury Tk 35 lakh, Anika Farheen Tk 7.50 crore and Abu Sadat Md Sayem Tk 17 crore.

In case of Orion Pharma, it fined Aminul Islam Tk 3.2 crore, Nabil Feed Mills Ltd Tk 10 lakh and Nabil Naba Foods Ltd Tk 10 lakh.

For violating securities laws by manipulating the shares of Orion Infusion Limited, the commission fined Md Sohel Alam Tk 18.40 crore, Risana Karim, director of Beacon Pharma, Tk 6 crore, Mohammad Ebadul Karim, chairman of Beacon Pharma, Tk 13.15 crore, Md Ekhlashur Rahman Tk 14.60 crore and Aminul Islam Tk 3.20 crore.

It also fined Beacon Medicare Ltd. Tk 5.5 crore, Beacon Pharmaceuticals Ltd Tk 2.46 crore, and Nabil Feed Mills Ltd Tk 20 lakh for the same.