Written by The Banking Post
The Bangladesh Securities and Exchange Commission (BSEC) has fined RACE Asset Management Tk500,000 for failing to submit its audited financial statements within the prescribed deadline for fiscal years 2021-22 and 2022-23.
In an order issued on Sunday, the regulator said RACE had failed to meet the statutory requirement and rejected the company’s explanation for the delay.
Under the relevant securities rules, an asset management company must submit its audited financial statements to the commission, trustees and custodians within three months of the end of each financial year.
BSEC said the failure to comply with securities laws warranted punitive action in the interest of market discipline, transparency and the public.
RACE has been ordered to pay the fine within 30 days through a bank draft or pay order in favour of the commission. Failure to make the payment within the stipulated period could lead to further legal action.
RACE is the country’s largest private asset manager, managing 10 closed-end funds that account for around 54 per cent of the total assets under management in the secondary market.
Its own assets under management stood at about Tk19.2 billion as of September 27.
