Bangladesh Securities and Exchange Commission on Tuesday cancelled the registration of Sandhani Life Growth Fund for failing to submit the draft of public offering prospectus in time.
The decision was taken at a regular commission meeting presided over by BSEC chairman M Khairul Hossain. A BSEC press release said the asset management company of the fund, Asian Tiger Capital Partners Asset Management Company, failed to submit the draft IPO prospectus within the deadline of July 20, 2011.
As per the securities law the prospectus was supposed to be submitted within three months from the registration date, it said.
The BSEC meeting also fined Sylnet Securities, a member of the Chittagong Stock Exchange, Tk 5 lakh.
The broker violated different securities related laws, including margin loan rules, by providing excessive loans to the clients and the directors of the brokerage firm.
It was also found guilty of short-selling clients’ shares and taking cash deposit of over Tk 5 lakh.
-With New Age input
