Dhaka, Bangladesh (BBN) - The Bangladesh Securities and Exchange Commission (BSEC) has taken a set of decisions, including approval of non-convertible subordinate bond of Southeast Bank worth BDT 5.0 billion.
The approval came a meeting held at the office of the BSEC in capital Dhaka on Tuesday with BSEC chairman Professor M Khairul Hossain in the chair.
The tenure of the BDT 5.0 billion non-convertible bond, which will be issued by the Southeast Bank, will be seven years.
The characteristics of the bond will be non-convertible, unlisted, fully redeemable, floating rated and subordinated.
The private commercial bank will fulfill the requirement of Basel-II by raising fund through issuing the bond.
Only the local financial institutions, corporate bodies and any other eligible investors will be allowed to purchase the units of the bond worth BDT 1.0 million each.
Vanguard AML Rupali Bank Balanced Fund
The BSEC also approved the prospectus of Vanguard AML Rupali Bank Balanced Fund, a closed-end mutual fund (MF).
As per the BSEC approval, the tenure of Vanguard AML Rupali Bank Balanced Fund will be 10 years.
Of the total BDT 2.0 billion, BDT 650 million has already been collected through pre-IPO (initial public offering) placement.
The sponsors will contribute BDT 400 million, whereas remaining BDT 950 million will come from public.
The offer price of the units of Vanguard AML Rupali Bank Balanced Fund is of BDT 10 each.
The Vanguard Asset Management is the fund manager of the fund, whereas Investment Corporation of Bangladesh (ICB) and Rupali Bank will work as trustee and custodian and sponsor of the fund respectively.
At Tuesday’s meeting, the securities regulator imposed a penalty of BDT 1.0 million on Sinha Securities for breaching securities rules.
The BSEC also approved the draft amendment brought to the Bangladesh Securities and Exchange Commission (Market Maker) Rules, 2016. The regulator will seek public opinion on the draft amendment.
The ‘Bangladesh Securities and Exchange Commission (Qualified Investor Offer by Small Capital Companies) Rules, 2016’ also got final approval at Tuesday’s meeting.
The BSEC also approved the proposal of opening a new department -- Financial Literacy Department at the BSEC.
BBN/SSR/AD