The securities regulator has extended the tenure of the existing closed-end mutual funds (MFs) for another term of ten years.In this regard, the Bangladesh Securities and Exchange Commission (BSEC) has issued a directive scrapping its previous directive regarding conversion or liquidation of closed-end MFs on completion of tenure of ten years. According to BSEC directive, total tenure, including another term of ten years, of the existing closed-end MFs will not be more than twenty years.
“The existing closed-end MFs which are unwilling to extend tenure will be allowed to be converted or
liquidated as per the rules,” the BSEC directive said.
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News Source : BSEC extends tenure for ten more years
BSEC Directive & Government Gazette: mutual_fund_related gazetted on 23-10-2018