fbpx


The High Court has declared the decision of the Bangladesh Securities and Exchange Commission (BSEC) to dissolve the AIMS First Guaranteed and Grameen One closed-end mutual funds as ‘illegal’, report agencies.
The bench of Justice Tariq ul Hakim and Justice Farid Ahmed Shibli issued the order yesterday following final hearing on a petition. According to the HC order, the decision of the BSEC to fix 10-year tenure for the closed-end mutual funds and shut them down later would not be applicable to AIMS First and Grameen One.
The case details show that the BSEC had, in an executive decision on January 24, 2010, fixed a 10-year term for closed-end mutual funds and ordered the closure of those that crossed the timeframe.
As a result, a BSEC meeting on Junuary 29 this year decided to close AIMS First and Grameen One mutual funds after December 31.
Earlier in 2014, AIMS of Bangladesh, the asset manager of the MFs, sought BSEC permission to extend tenure of the funds by 10 years which was rejected by the commission.

 

Read the full report here.

Categories: Economy

Related Posts

Economy

Monthly report, November 2019

November was a volatile month for the stock market as the DSEX fluctuated, ranging between 4,678 to 4,781 points (around 2.2%). However, the index ultimately inched up by 1.04%, with the top twenty gainers having Read more…

Economy

Monthly report, October 2019

After three years of negative balance, the current account has returned to a green zone riding on greater negative growth in import compared to export along with additional support from higher inflow of remittance, backed Read more…

Economy

Top fund manager buys Tk 500 million stake in bdnews24.com

In another first, bdnews24.com has secured the single biggest institutional investment for a digital media company in Bangladesh with a major fund manager putting faith in the nation’s top news publisher. LR Global Bangladesh, an affiliate of Read more…