Dhaka, Oct. 22 -- Reaz Islam, chief executive officer and chief investment officer of LR Global Bangladesh Asset Management, has been banned for life from the stock market over "unauthorised" investments involving six mutual funds.

The Bangladesh Securities and Exchange Commission (BSEC), the capital market regulator, announced the decision following a commission meeting held on Tuesday.

The regulator has also removed LR Global from the management of those six mutual funds, citing "serious violations" of investment regulations.

In connection with the same case, former BSEC chairman Shibli Rubayat Ul Islam was also banned for life from the capital market for alleged collusion.

Shibli had previously been banned over irregularities invol...