Dhaka, Bangladesh (BBN)– The Securities and Exchange Commission (SEC) has approved the proposals of Grameen Mutual Fund One and Grameen One: Scheme Two mutual fund, allowing them to give stock dividends to their unit holders for the year 2010-2011.

The decision was taken at a commission meeting held its office in Dhaka on Monday with its Chairman M Khairul Hossain in the chair.

Under the decisions, Grameen MF One is allowed to distribute 50 percent stock dividend and Grameen One: Scheme Two to distribute 10 percent stock dividend.

On August 25 last, Grameen MF One declared the stock dividend along with 25 per cent cash dividend for its unit holders and Grameen One: Scheme Two 10 percent cash dividend along with the stock dividend.   

The trading of the units of the mutual funds, which had been remained suspended since August 25, resumes on Tuesday after the SEC’s nod to the proposals of the funds, the New Age, a local newspaper, reported on Tuesday quoting officials of the Dhaka Stock Exchange.

The DSE earlier suspended the trading of the units of the MFs as per directives of the SEC as the mutual funds had declared stock dividends without taking consent from the regulators.

BBN/SSR/AD-13Sept11-9:06 am (BST)