The Bangladesh Securities and Exchange Commission (BSEC) has withdrawn an order on investigating fund transfers of RACE Asset Management PLC while returning the right to manage the funds to the asset manager.
The stock market regulator issued an order last week to withdraw the investigation and lifted its previous order forbidding block transactions of assets in the portfolios of RACE.
For all latest news, follow The Daily Star’s Google News channel. Mohammad Rezaul Karim, spokesperson of the BSEC, said it has withdrawn the order on the investigation and returned the right to manage the funds after analysing legal aspects, as it is a sub judice matter.
A case is being heard at the High Court on the issue, so the BSEC does not want to continue the investigation, he added.
Last June, the BSEC prohibited block market transactions of the units of 10 mutual funds managed by asset manager RACE.
The closed-end mutual funds are EBL First, Trust Bank 1st, IFIC Bank 1st, First Janata Bank, Popular Life 1st, PHP First, EBL NRB, AB Bank 1st, Exim Bank 1st mutual funds, and First Bangladesh Fixed Income Fund.
Later, the regulator took away control of RACE Asset Management over the mutual funds due to alleged misuse of funds.
