ICB submits application SEC vows quick approval of Bangladesh Fund
Wednesday, 30 March 2011
FE Report
The Securities and Exchange Commission has planned a special board meeting early next month to approve the 50 billion taka Bangladesh Fund, a SEC member said Tuesday. Muhammad Yasin Ali said the securities regulator hopes to okay the mega Fund "in the shortest possible time" --- a move seen as key to boost the country's volatile stock market. He made the comments after the state-owned ICB Asset Management Company submitted the application of the BF, an open ended mutual fund, to the SEC. "We are serious about quick approval of the Bangladesh Fund," Mr. Ali told the FE. "The SEC is also ready to arrange special board meeting to approve the prospectus of the Bangladesh Fund in the shortest possible time," he added. Investment Corporation of Bangladesh is the lead-sponsor and manager of the fund, which is the largest ever in the local stock market's history. Seven state-owned banks and financial institutions are the contributors. Of the 50 billion taka, the ICB has contributed five billion taka, Janata, Sonali and Bangladesh Development banks and Sadharan Bima Corporation two billion taka each and Rupali Bank Tk 1.0 billion.
The Securities and Exchange Commission has planned a special board meeting early next month to approve the 50 billion taka Bangladesh Fund, a SEC member said Tuesday. Muhammad Yasin Ali said the securities regulator hopes to okay the mega Fund "in the shortest possible time" --- a move seen as key to boost the country's volatile stock market. He made the comments after the state-owned ICB Asset Management Company submitted the application of the BF, an open ended mutual fund, to the SEC. "We are serious about quick approval of the Bangladesh Fund," Mr. Ali told the FE. "The SEC is also ready to arrange special board meeting to approve the prospectus of the Bangladesh Fund in the shortest possible time," he added. Investment Corporation of Bangladesh is the lead-sponsor and manager of the fund, which is the largest ever in the local stock market's history. Seven state-owned banks and financial institutions are the contributors. Of the 50 billion taka, the ICB has contributed five billion taka, Janata, Sonali and Bangladesh Development banks and Sadharan Bima Corporation two billion taka each and Rupali Bank Tk 1.0 billion.