BSEC okays draft prospectus of two mutual funds

The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday approved draft prospectus of IDLC Asset Management Shariah Fund and Edge AMC Growth Fund.

The approval was given at a commission meeting held at its headquarters. BSEC Chairman M Khairul Hossain presided over the meeting, said a BSEC statement.

The BSEC approved the draft prospectus of IDLC Asset Management Shariah Fund (An open-end). The initial size of the fund will be Tk50 crore. The sponsor will contribute Tk5 crore, while remaining Tk45 crore will be collected through sales of units. The face value of the units will be Tk10 each.

IDLC Asset Management Limited is the sponsor of the unit fund. Investment Corporation of Bangladesh (ICB) is trusty and Brac Bank Limited is asset custodian of the unit fund.

The BSEC also approved the draft prospectus of Edge AMC Growth Fund (An open-end). The initial size of the fund will be Tk10 crore. The sponsor will contribute Tk1 crore, while remaining Tk9 crore will be collected through sales of units. The face value of the units will be Tk10 each.

At the meeting, the market regulator extended to October 21 the deadline for scrapping multiple beneficiary owner (BO) accounts opened using a single national identity card, bank account and phone number. The previous deadline was July 21.

BSEC said the commission noticed that the same national identity card, bank account were being used to open multiple accounts. To this end a circular was issued to the depository participants (DP).

As per the existing rule, a person is allowed to open only a BO account using his/her National Identity Card, bank account and phone number.