2024-06-26 02:28:23
The regulatory physique Bangladesh Securities and Trade Fee (BSEC) has suspended the transactions of BO (Beneficiary Homeowners) accounts of all funds managed by Bangladesh Rais Administration PCL, a member asset administration firm within the mutual fund sector within the capital market.
BSEC Chairman Professor Shibli Rubaiyat-ul-Islam gave these directions in an order on Monday (June 24).
Earlier, Bangladesh Financial institution’s Monetary Intelligence Unit (BFIU) ordered the suspension of checking account transactions of Race Asset Administration and funds managed beneath it.
BSEC has taken such motion on the premise of the knowledge given by the investigation committee fashioned relating to the mutual fund administration of Rais Asset Administration on the grievance of violation of custodian situations.
Consequently, no transactions could be made within the BO accounts which have been opened with out the approval of the mutual fund custodian beneath the supervision of Rais Administration.
With out the approval of the custodian, Rais Administration has been buying and selling shares held towards numerous mutual funds beneath its supervision by opening BO accounts with a number of brokerage homes, the directive mentioned. This data was discovered within the preliminary investigation of the inquiry committee fashioned by the BSEC to oversee the actions of Rais. Resulting from this, these unauthorized BO accounts have been suspended to guard the curiosity of mutual fund unit holders. On the similar time a number of directions have been given to the custodians and trustees of varied mutual funds beneath the supervision of Rais.
The BSEC has directed the fund trustees to convey beneath their management the BO accounts held by completely different brokerage homes towards numerous funds of Rais. Apart from, the detailed report of those BO calculations has been requested to be submitted to the fee inside seven days. Apart from, the custodian or custodian of the mutual fund beneath the supervision of Rais has additionally been directed to shut all unauthorized BO accounts and switch all of the securities held therein as approved BOs inside seven days. That’s, the custodians have been instructed to shut the BO accounts opened with out legitimate authorization and switch all of the shares as legitimate BOs.
Apart from, all events involved with the mutual funds managed beneath the supervision of Rais have been requested to submit an up to date report back to the fee about their actions and the general state of affairs inside 10 days.
Rais presently has 10 tenure mutual funds beneath its supervision. And there are two perpetual mutual funds. Funds managed by Race Asset Administration are AB Financial institution First Mutual Fund, EBL First Mutual Fund, EBL NRB Mutual Fund, Exim Financial institution First Mutual Fund, First Bangladesh Mutual Fund, IFIC Financial institution First Mutual Fund, PHP First Mutual Fund, In style Life First Mutual Fund. , RES Particular Alternatives Unit Fund, Belief Financial institution First Mutual Fund, First Janata Financial institution Mutual Fund and RES Monetary Inclusion Unit Fund.