Bangladesh, Oct. 6 -- The stock market regulator has fined RACE Asset Management Tk 0.5 million for failing to submit its audited financial statements within the prescribed time frame for FY22 and FY23.

In an order issued on Sunday, the Bangladesh Securities and Exchange Commission (BSEC) said RACE had failed to meet the statutory deadline and that the company's explanation was not acceptable.

Under the relevant rule, an asset management company must submit its audited accounts to the commission, trustees and custodians within three months of the end of each financial year.

RACE submitted an explanation, but the commission rejected it, saying the failure to comply with securities laws and regulations warranted punitive action, conside...