Sponsors and directors of listed firms cannot sell shares in their own companies from Thursday, the Securities and Exchange Commission ordered Wednesday in the face of a free fall in stock prices.
Any shareholders owning 5 percent or more stocks in any listed companies also cannot sell-off their holdings until further regulatory instruction, the SEC said.
“The commission passed the order considering the investors’ interest and capital market development,” said Saifur Rahman, the spokesman and an executive director of the SEC.