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Meanwhile, the commission said it would request the ACC to take action against individuals who received placement shares without making full payment, as well as against the main figures behind the scheme.

Abdul Kader Faruk, the group’s chairman, and Ashok Kumar Chirimar, an Indian national, have been identified as “key players” in the manipulation. The BSEC described them as the “main culprits” and said formal complaints would be filed with the ACC.

Ring Shine shares closed at Tk 3.20 on the Dhaka Stock Exchange yesterday. The stock has been listed in the junk “Z category” for several years due to poor performance and compliance issues.

In a separate case, the commission in its media release said it would request the ACC to impose overseas travel bans on directors and managing directors of Prime Finance and Investment, PFI Securities, and Prime Finance Capital Management. These firms were involved in providing Tk 296 crore in margin loans, which the BSEC said were laundered.