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The Financial Express

BSEC approves draft prospectuses of two open-ended mutual funds

| Updated: March 31, 2021 10:34:05


BSEC approves draft prospectuses of two open-ended mutual funds

The securities regulator approved the draft prospectuses of two open-end mutual funds (MFs) and also took a decision to issue licences to two fund managers.

The approval came at a meeting of the Bangladesh Securities and Exchange Commission (BSEC) held at its office on Thursday.

The mutual funds are Joytun First Unit Fund and LankaBangla Gratuity Wealth Builder Fund.

As per the BSEC approval, the initial size of the Joytun First Unit Fund will be Tk 100 million.

The sponsor will contribute Tk 30 million while the remaining Tk 70 million will be collected through sales of units of Tk 10 each. Joytun Asset Management is the fund manager of Joytun First Unit Fund.

The initial size of another open-end MF namely LankaBangla Gratuity Wealth Builder Fund will be Tk 100 million.

Of Tk 100 million, Tk 20 million will come from sponsor while the remaining Tk 80 million will be collected through sales of units of Tk 10 each. LankaBangla Asset Management is working as the fund manager of the fund.

At Thursday's meeting, the securities regulator took the decision of issuing the licence of asset management in favour of PLI Asset Management.

SBK Tech Ventures will also get the license of fund manager.

According to another proposal, the securities regulator will issue the licence of merchant bank in favour of Community Bank Investment.

At Thursday's meeting, the securities regulator also took a decision to award market operators for their contributions to investors' safety and market development last year.

Three operators will be selected from each category of stock brokers, stock dealers, merchant bankers, portfolio managers and asset managers on the basis of their performances.

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