2024-09-20 03:37:09
Published: 12:59, 18 September 2024
The regulatory body Bangladesh Securities and Exchange Commission (BSEC) has formed a three-member investigation committee on Strategic Equity Management Limited, an asset manager that manages mutual funds belonging to the capital market. The committee has been asked to submit a report in this regard within 60 working days.
An order in this regard has been issued on Tuesday (September 17) signed by BSEC Director Mahmudul Haque. BSEC director and spokesperson Farhana Faruqi confirmed this information on Wednesday (September 18).
The members of the investigation committee are BSEC Additional Director Mohammad Emdadul Haque, Deputy Director Md. Rafiqunnabi and Assistant Director Mohammad Abu Hena Mostafa.
The inquiry order states, BSEC deems it necessary to conduct an inquiry against Strategic Equity Management Limited in the larger interest of the capital market and general investors. Under the powers given in Section 21 of the Securities and Exchange Ordinance, 1969, the Commission has been directed to form a 3-member inquiry committee to carry out the investigation in the said matter. The inquiry committee has to submit its report within 60 working days.
The order also mentions that the investigation committee will submit a report on whether there has been any irregularity in the investment by the asset management company, whether there is a conflict of interest in the investment, verification of bank accounts, verification of operating expenses, violation of mutual fund rules or not, role of trustee and custodian. .
NT/Rafiq