Bangladesh, Sept. 21 -- The securities regulator has imposed an aggregate penalty of Tk 1.1 million on the top brass of Sikder Insurance Company over mismatches in the utilisation of IPO (initial public offering) proceeds.

Advertisement Of those penalised, nine are the company's directors, while the remaining two are the managing director and the company secretary, according to an order issued by the Bangladesh Securities and Exchange Commission (BSEC) last week.

They will have to pay the penalty in their own capacity within 30 days of the issuance of the order on September 16.

Those who have been fined are the company's directors - Nasim Sikder, Mamtazul Haque Sikder, Lisa Fatema Haque Sikder, Mohtasim Billah Khan, Monica Sikder Khan...