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Trading Resumes for 10 RACE-Managed Mutual Funds

Industry: Stock Market
Company: RACE asset management ltd
Company Intelligence Tag: Business Insights

The Bangladesh Securities and Exchange Commission (BSEC) swiftly reinstated trading for 10 mutual funds managed by Bangladesh RACE Asset Management within a day of suspension, as confirmed by Dhaka Stock Exchange (DSE) sources. The suspension was issued to facilitate a probe into alleged fund anomalies, with a committee formed by BSEC to investigate fund embezzlement allegations and submit a report within 60 days.

Initially, block market transactions for the funds were prohibited following the probe committee’s request. However, the BSEC later withdrew the order, instructing the bourses to resume trading. The closed-end funds managed by RACE include EBL First Mutual Fund, Trust Bank 1st Mutual Fund, IFIC Bank 1st Mutual Fund, 1st Janata Bank Mutual Fund, Popular Life First Mutual Fund, PHP First Mutual Fund, EBL NRB Mutual Fund, AB Bank 1st Mutual Fund, First Bangladesh Fixed Income Fund, and Exim Bank 1st Mutual Fund. Additionally, RACE oversees two open-ended funds—the RACE Special Opportunities Unit Fund and the RACE Financial Inclusion Unit Fund.

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