The trustees of two closed-end mutual funds (MFs) whose liquidation activities have already been completed will have to distribute unit holders' money within next seven working days, officials said.
The Bangladesh Securities and Exchange Commission (BSEC) said this on Wednesday after approving the audited financial statements of these two closed-end MFs.
The closed-end MFs are AIMS First Guaranteed Mutual Fund and Grameen One : First Scheme of Grameen Mutual Fund. Both the funds were managed by AIMS of Bangladesh.
The securities regulator approved on Wednesday the funds' audited financial statements prepared as of March 2, 2016 for liquidation purpose.
"The securities regulator approved the funds' net asset valuation report as of April 30, 2016 on some observations. Necessary initiatives relating to the observations will be taken later," said the securities regulator.
According to net asset valuation report, the net asset value of each unit of AIMS First Guaranteed Mutual Fund has stood at Tk 25.93. On the other hand, the net asset value of the units of the Grameen One : First Scheme of Grameen Mutual Fund has stood at Tk 24.66 each.
At Wednesday's meeting, the securities regulator formed a four-member body for submitting a report on the formulation of rules of merger and takeover.
The committee led by BSEC executive director Md Mahbubul Alam will submit the report within 30 working days of issuing the order.
The securities regulator has imposed a penalty on Vision Capital Management for breaching securities rules by embezzling its clients' money worth Tk 0.57 million.
The regulator has also asked the Vision Capital Management to repay its clients' money.
The BSEC has imposed penalty worth Tk 1.0 million on S R Capital and Tk 0.2 million on its director for breaching securities rules.
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Source: The Financial Express