2024-08-23 10:28:27
Published: 22:09, 22 August 2024
Chowdhury Nafiz Sarafat and Hasan Taher Imam
The Beneficiary Owners Account (BO Account) of Chowdhury Nafiz Sarafat and Hasan Taher Imam, two chief executives of Race Private Limited, the much-discussed asset management company of the country’s capital market, has been suspended. The capital market’s regulatory body Bangladesh Securities and Exchange Commission (BSEC) has decided.
The BSEC is said to have issued an order in this regard on Thursday (August 22).
BSEC has taken a series of measures against Race Private Limited in view of obstructing the proceedings of the committee of BSEC related to the investigation of irregularities in Multi Securities and Services, a member company of Dhaka and Chittagong Stock Exchange. As part of this, all BO accounts of the two leaders of the organization, Chowdhury Nafiz Sarafat and Hasan Taher Imam, have been suspended. At the same time, all BO accounts of Jalal Ekramul Kabir, Chief Executive Officer and Director of the Broker House have also been suspended.
Due to suspension of BO account, no shares can be bought and sold against the BO account of the concerned persons. Shares held as their BO cannot be transferred to any other BO. If they have any cash funds in the accounts, they cannot be withdrawn.
There are various complaints against Multi Securities as a collective customer, including large deficits.
Chowdhury Nafiz Sarafat and Hasan Taher Imam are the two main leaders of Race Private Limited, the country’s largest asset management company. Res currently manages 12 mutual funds. Out of these 10 are term mutual funds and the remaining two are non-maturity mutual funds. Chowdhury Nafiz Sarafat and Hasan Taher Imam bought Multi Securities and Services Limited with money from mutual funds listed on the stock exchange, in violation of existing laws and without taking permission from the regulatory body BSEC.
NT/Rafiq