The Bangladesh Securities and Exchange Commission issued a prohibitory order barring Mr. Mahbub H. Mazumdar, FCMA, former Chief Executive Officer of AFC Capital Limited, from performing any duties or activities related to Bangladesh’s capital market in any capacity for five years. The Commission stated that, based on his previous activities in issue management for the initial public offering of Ring Shine Textile Limited, it considers his actions to have constituted severe violations of the Securities and Exchange Ordinance, 1969 and to be likely to lead to further contraventions affecting the development of Bangladesh’s capital market. The order also directs all current and future market intermediaries, listed and future listed companies, and other supervised entities to refrain from appointing him to any official duties during the five-year period.
Bangladesh Securities & Exchange Commission 2025-07-10
Bangladesh Securities and Exchange Commission bars former AFC Capital CEO Mahbub H. Mazumdar from capital market activities for five years
The Bangladesh Securities and Exchange Commission has barred Mr. Mahbub H. Mazumdar, former CEO of AFC Capital Limited, from engaging in any capital market activities for five years. This enforcement action follows severe violations related to the IPO of Ring Shine Textile Limited, deemed likely to harm Bangladesh's capital market. The order prohibits his appointment by market intermediaries and listed companies during this period.