Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
Both the stock exchanges in the country on Monday resumed the block trades of the units of the mutual funds (MFs) managed by RACE Asset Management a day after restricting the block trades.
However, the suspension that was imposed on the block trades of the underlying assets kept in the portfolios of the funds managed by the RACE will remain effective.
The managing director of the Chittagong Stock Exchange (CSE) M Shaifur Rahman Mazumdar said the exchanges on Sunday posted disclosures on their websites regarding the suspension on the block trades of the units of the funds.
“But the suspension on the block trades of the underlying assets of the funds has not been withdrawn,” Mr. Mazumdar said.
Because of a misinterpretation of the exchanges’ market operations teams, Sunday’s disclosure said the block trades of the funds’ units will remain suspended until further regulatory order.
The suspension actually was imposed on the underlying assets.
However, the exchanges on Monday posted revised disclosures for the RACE-managed MFs.
“Trading of the units of the fund will resume today in the block market from today,” reads Monday's disclosure posted on the website of Dhaka Stock Exchange (DSE).
The closed-end funds managed by the RACE include EBL First Mutual Fund, Trust Bank 1st Mutual Fund, IFIC Bank 1st Mutual Fund, 1st Janata Bank Mutual Fund, Popular Life First Mutual Fund, PHP First Mutual Fund, EBL NRB Mutual Fund, AB Bank 1st Mutual Fund, First Bangladesh Fixed Income Fund and Exim Bank 1st Mutual Fund,
The open-ended funds are the RACE Special Opportunities Unit Fund and the RACE Financial Inclusion Unit Fund.