The Power Broker: Nafeez Sarafat’s Legacy in Bangladesh’s Capital Market

Nafeez Sarafat’s influence over fund management, stock listings, and corporate governance reveals how power dynamics shaped Bangladesh’s financial markets.

Mutual Funds and Market Control

Beginning with the EBL First Mutual Fund, Race grew into a powerhouse managing Tk3,200 crore.
The controversial extension of fund tenures under Sarafat’s tenure drew criticism from within BSEC.

Political and Regulatory Connections

Finance ministry directives overrode initial BSEC objections — demonstrating how political connections intertwined with market decisions.
Sarafat’s relationships with top financial leaders ensured his continued dominance.

Corporate Influence

He used placement shares as strategic tools, offering them to high-level officials and business figures.
This web of influence helped him secure approvals for Best Holdings and Coppertech.

Profit Ventures

Through Strategic Finance Ltd, Sarafat led Unique Meghnaghat Power, earning massive profits through foreign partnerships.

Renewed Oversight

Race’s leadership has since pivoted to compliance, transparency, and alignment with international asset management norms under BSEC’s watch.