Dhaka, Bangladesh (BBN) – Bangladesh Securities and Exchange Commission (BSEC) on Wednesday approved the draft prospectus of an open-end mutual fund Credence First Growth Fund.
The decision was taken at a meeting of BSEC held at the office of the Bangladesh’s securities regulator in capital city Dhaka.
According to the BSEC approval, the initial size of Credence First Growth Fund will be BDT 200 million.
Of BDT 200 million, the sponsors will contribute BDT 20 million and the remaining BDT 180 million will be collected through sales of units.
At Wednesday’s meeting, the BSEC has also approved the proposal of winding up the ICB AMCL First NRB Mutual Fund.
As per the Securities and Exchange Commission (Mutual Fund) Rules, 2001, a closed-end mutual fund will be winded up after completion of 10 years.
ICB AMCL First NRB Mutual Fund completed its tenure of 10 years on March 20 last.
The securities’ regulator has also warned the Summit Power Limited, concerned officials of the both the stock exchanges for not complying with the verdict of the High Court (HC) properly while completing the amalgamation of Summit Power with two other companies.
The securities’ regulator said that initially the verdict of the HC was not followed properly.
Later, the exchanges and company complied with the verdict and the securities rules, the BSEC said.
“The regulator has warned the Summit Power and concerned officials of the both the stock exchanges,” said the securities regulator, adding that the board of the Dhaka bourse should be more cautious in future while approving any proposal regarding amalgamation.
The stock market regulator has also approved the draft of Bangladesh Securities and Exchange Commission (Clearing, Settlement and Central Counter Party) Rules, 2017.