CT Bright Investment (CTBI) can no longer operate its fund management business here after the Monetary Authority of Singapore (MAS) revoked its capital markets services licence over several rules breaches.

CTBI did not start fund management activities within six months of the issuing of its licence and did not seek an extension to start the business as required by the MAS.

It also did not lodge numerous regulatory returns under the Securities and Futures Act and Futures (Financial and Margin Requirements) Regulations, despite repeated reminders.

CTBI breached its licence condition last year by not informing the MAS of the resignation of one of its two directors, who was the company's relevant professional and appointed representative.

As a result, it failed to meet minimum competency requirements for licensed fund management companies to have at least two directors, relevant professionals and appointed representatives.

CTBI also did not respond to or comply with the MAS' written direction, which was issued over its poor compliance track record and unresponsiveness, the regulator added.

THE BUSINESS TIMES