Order against Ahmed Zaker & Co. Chartered Accountants for temporary suspension

BANGLADESH SECURITIES AND EXCHANGE COMMISSION
Securities Commission Bhaban, E-6/C Agargaon, Sher-e-Bangla Nagar Administrative Area, Dhaka-1207, Bangladesh.

Reference: BSEC/ MF & SPV/INS-294/2022/1562

Date: 18 January 2023

Order

Whereas in the interest of the investors and securities market, it is expedient to prohibit certain auditor from the audit activities of any mutual fund:

And whereas certain audit firm namely "Ahmed Zaker & Co. Chartered Accountants" did not attend in the enquiry hearing for the Enquiry of 04 (four) mutual funds namely UFS-IBBL Shariah Unit Fund, UFS-Popular life Unit Fund, UFS-Padma Life Islamic Unit Fund, UFS-Bank Asia Unit Fund under the management of Universal Financial Solutions Ltd. and it is evident that some unprofessional activities conducted by this Audit firm with the Enquiry Committee.

Now, therefore, in exercise of the powers conferred by section 20A of Securities and Exchange Ordinance, 1969 gives the following instruction to the trustee, custodian, issuer and asset managers of any mutual fund, namely:

"The Audit Firm "Ahmed Zaker & Co. Chartered Accountants" shall not be allowed to conduct any further audit for any mutual fund under Universal Financial Solutions Ltd. and also shall not be allowed to be the Auditor of any mutual fund and listed company till further instruction of the Commission".

This Oder shall have immediate effect and shall remain in force till further order.

By order of the Bangladesh Securities and Exchange Commission

(Signature)
Professor Shibli Rubayat-Ul-Islam
Chairman.

Professor Shibli Rubayat-Ul-Islam
Chairman
Bangladesh Securities and Exchange Commission
Dhaka

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