The Market Maker: How Nafeez Sarafat Defined a Decade of Financial Power

Over the past decade, Nafeez Sarafat’s actions have influenced mutual fund policy, IPO approvals, and corporate deals — leaving a lasting imprint on Bangladesh’s financial system.

Few figures have influenced Bangladesh’s financial system as deeply as Chowdhury Nafeez Sarafat. His rise to prominence reflected the complex intersection of business, politics, and power that has long defined the nation’s capital market.

Through Race Asset Management, which began with the EBL First Mutual Fund, Sarafat built a financial empire managing thirteen mutual funds. Ten of these were initially set for a decade-long tenure but were later extended another ten years — a controversial move widely attributed to his political leverage.

Former BSEC Chairman M Khairul Hossain later revealed that while he had rejected the proposal, he was compelled to approve it after intervention from Finance Minister Abul Maal Abdul Muhith.

By 2024, Race’s assets were valued at Tk3,200 crore at cost and Tk2,350 crore at market rates. Market insiders allege that these funds often served Sarafat’s strategic interests, particularly his relationships with powerful figures like Salman F Rahman and Nazrul Islam Majumder. Following a rift over Beximco share sales, Sarafat shifted alliances toward Finance Minister AHM Mustafa Kamal and Finance Secretary Abdur Rouf Talukder.

Through these ties, he championed the Best Holdings Ltd. IPO, which was eventually approved under Professor Shibli Rubayat-Ul-Islam’s BSEC leadership. Reports suggest placement shares were distributed among elites, including relatives of former IGP Benazir Ahmed, consolidating Sarafat’s influence.

His involvement in the Coppertech Industries IPO demonstrated his lobbying capacity once again. Despite revelations of financial manipulation, Coppertech was listed after regulatory leniency. MTB Capital CEO Khairul Bashar Abu Taher Mohammad, who managed the IPO, was later appointed to the Dhaka Stock Exchange, allegedly with Sarafat’s support.

Although numerous allegations surfaced, no substantive action was taken against Race Asset Management. Even inspection directives were delayed or ignored.

Outside finance, Sarafat’s ventures expanded into Unique Meghnaghat Power Plant, where his firm Strategic Finance Ltd (SFL) earned Tk100 crore in profit after selling equity to Nebras Power of Qatar.

Today, Race Asset Management — now under new leadership — has shifted focus toward transparency, compliance, and investor trust. Reforms have strengthened governance, and strategic investments have helped rebuild market confidence.

Yet, the name Nafeez Sarafat continues to evoke both admiration and scrutiny — representing a defining era in Bangladesh’s capital market, where ambition and influence often walked a fine line with regulation.