BSEC to issue registration to IDLC Venture Capital Fund

FE Report | Friday, 11 October 2019

The securities regulator has decided to issue registration to the IDLC Venture Capital Fund, an alternative investment fund.
The decision came at a meeting of the Bangladesh Securities and Exchange Commission (BSEC) held at the office on Thursday.
As per the BSEC decision, the size of the IDLC Venture Capital Fund will be Tk 450 million and its tenure will be seven years.
The fund will invest mainly in areas such as fintech, entertainment and lifestyle, enterprise solutions, travel and logistics, core technologies, education tech, food-tech and agri-tech and internet devices.
The IDLC Finance is the sponsor of the fund while IDLC Asset Management and Green Delta Insurance Company will act as the fund manager and the trustee respectively.
At the Thursday's meeting, the securities regulator also instructed the Mirror Financial Management, a DSE TREC holder, to start transactions in its dealer account by November 14.
Otherwise, the securities regulator will cancel the company's dealer licence, it said.
As per the securities rules, the TREC holders having dealer licences are required to conduct a certain amount of transactions in the dealer accounts.
[email protected]