The Financial Express

Prospectus of Ekush First Unit Fund approved

DSE, CSE get new MDs

| Updated: January 25, 2020 11:48:28

Evaly and Fianancial Express Evaly and Fianancial Express
Kazi Sanaul Hoq, Mamun-Ur-Rashid Kazi Sanaul Hoq, Mamun-Ur-Rashid

The securities regulator has approved the bourses' proposals of appointing their managing directors.

The approvals came on Wednesday at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).

As per the BSEC approval, Kazi Sanaul Hoq will join the Dhaka Stock Exchange (DSE), while Mamun-Ur-Rashid will join the Chittagong Stock Exchange (CSE).

Meanwhile, at Wednesday's meeting, the securities regulator approved the draft prospectus of Ekush First Unit Fund.

The initial size of the open-end mutual fund will be Tk 100 million, of which Tk 10 million will be contributed by its sponsor Ekush Wealth Management, also the asset manager of the fund.

The remaining Tk 90 million will be collected from general investors through sales of units. The offer price of the fund's units will be Tk 10 each.

Kazi Sanaul Hoq was the managing director at Karmasangsthan Bank. Prior to joining the Karmasangsthan Bank, he also served the state-run Investment Corporation of Bangladesh (ICB) as managing director.

On the other hand, Mamun-Ur-Rashid is a former managing director of the Standard Bank. He also served the United Commercial Bank and Premier Bank as deputy managing director (DMD).

The posts of managing directors remained vacant on both the bourses since June, 2019 as they failed to appoint qualified human resources in spite of publishing job circulars twice.

Finally, the DSE and CSE selected the managing directors from the lists of aspirant candidates who applied for the posts following the circular published for third time.

The BSEC has also appointed seven independent directors of the newly introduced Central Counterparty Bangladesh Ltd. (CCBL).

On Wednesday, the securities regulator extended the existing tenure of keeping provisions against the un-realised losses in the portfolios of merchant bankers and their clients by two years.

The BSEC has also approved the draft of the Bangladesh Securities and Exchange Commission (Debt Securities) Rules, 2020.

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