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The Bangladesh Securities and Exchange Commission (BSEC) has ordered an investigation into Constellation Asset Management Company Limited over its prior decision to cancel the company's registration.
According to the order, the investigation will look into the latest status of receivables and payables with clients, gather detailed information about the company's assets and liabilities, and identify any issues of non-compliance with securities rules and regulations.
Md Abul Kalam, spokesperson and director of the BSEC, told The Financial Express that the entity had encountered compliance-related issues, particularly failing to meet registration requirements.
Consequently, the securities regulator decided to conduct a further investigation.
The inquiry will also examine the status of funds under the company's management.
Constellation Asset Management Limited (Constellation AMC) is a Bangladesh-based, SEC-licensed investment firm established in 2018. It operates open-ended mutual funds-notably the Constellation Unit Fund-and managed accounts, and has promised to provide risk-adjusted returns and tailored portfolio solutions for investors.
The BSEC has formed a three-member investigation team to complete the task and submit a report within 35 working days from the date of issuance of the order on April 1.
The move comes as part of the regulator's ongoing efforts to strengthen oversight of asset management companies and enhance transparency in the capital market.
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