Dhaka, Nov. 7 -- The High Court (HC) has upheld the securities regulator's decision to impose fines on 22 investors, including individuals, for manipulating stock prices of Beximco and BD Finance.

In an order issued on Thursday, an HC bench comprising Justice Kazi Zinat Hoque and Justice Aynun Nahar Siddiqua validated the decision of the Bangladesh Securities and Exchange Commission (BSEC), withdrawing stay orders and rules previously issued after separate writ petitions had challenged the regulatory order.

The investors had filed 22 separate writ petitions with two HC benches by April this year, challenging the penalties. The court then stayed the regulatory order and asked the BSEC to explain why the imposition of fines should not be ...