HOME BRANCHES IMPORTANT LINKS FINANCIAL PERFORMANCE DOWNLOADS
DSE | CSE

User Name
Password

News & Events of PBSL

24-May-2015
IPO Application Form (A4)

20-Feb-2014
Notice for change Margin Loan Ratio

28-Nov-2013
Notice for Fund Withdrawal in Margin Account

03-Nov-2013
Notice for Affected Investors

19-Jun-2013
Notice for maintaining minimum purchase power in Margin Account

Daily Business News All Daily Business News
11 Sep 2013
BSEC okays guideline for market surveillance system

The Bangladesh Securities and Exchange Commission on Tuesday approved a guideline for its market surveillance system in a bid to make quick decision in capital market surveillance-related matters. The capital market regulator made the decision in a regular commission meeting presided over by its chairman M Khairul Hossain. The BSEC on December 17, 2012 launched its own surveillance system to strengthen its market surveillance activities after the probe committee which was formed to investigate the market crash in 2010-11 had suggest the BSEC to establish a new surveillance system.

The Dhaka Stock Exchange in January also launched the same software which was launched by the BSEC to ensure more transparency and accountability. The commission in the meeting also decided to prepare a guideline for conversion of a close-ended mutual fund into an open-ended mutual fund. The commission made the decision as the latest amendment to the Mutual Funds Rules-2001 allows any mutual fund to offer stock dividend as re-investment and convert a close-end mutual fund into an open-ended fund.

The amendment said a close-end mutual fund also could be transferred to an open-ended mutual fund subject to consent of its one-third unit holders. Earlier on January 8 this year the commission amended the Mutual Fund Rules 2001 to give scope to the mutual funds in issuing stock dividend as re-investment. But, the commission in its amendment also said that mutual funds which announced stock dividend in their prospectus would be eligible to issue stock dividend to the unit holders. The controversy started in 2009 when the BSEC rejected stock dividend or rights issue application of AIMS First Mutual Fund. A group of investors of AIMS First Mutual Fund, following the BSEC decision, filed a writ petition with the High Court regarding the matter.

The court after three years of legal battle allowed the mutual funds to issue rights shares and stock dividend for the mutual fund which were launched before the amendment to Mutual Fund Rules in 2008. Four mutual funds have taken the facility so far. The commission on Tuesday asked the asset manager of ICB AMCL First Mutual Fund to finish its conversion process into an open-ended mutual fund within December 31. The commission earlier allowed the fund to convert into an open-ended mutual fund from close-ended one.

Another seven mutual funds, which will expire this year, under the ICB Asset Management Company Limited have already applied to the BSEC for converting into open-ended mutual funds. The ICB also filed another application to the BSEC to merge all of its eight mutual funds with the Bangladesh Fund, an open-ended mutual fund under the Investment Corporation of Bangladesh.

Source :: New Age