Small investors losing capital 'due to vague SEC directives'
Monday, 28 December 2009
FE Report
The Small Investors Forum has alleged that its members are on the verge of losing their capital because of ambiguous directives of the Securities and Exchange Commission (SEC).
The small investors made the allegation at a press briefing at the Dhaka Reporters' Unity in the city Sunday.
At the press briefing the investors opposed the recent directive of the SEC to re-deem by December 31, 2011 the closed-end mutual funds, the duration of which has been 10 years or more.
"Although the 1st BSRS Mutual Fund, with a duration of more than ten years, was approved as a closed-end mutual fund, this also would not be re-deemed due to the directive," the investors said.
They demanded of the SEC to execute the verdict delivered by the High Court on mutual funds on the basis of discussion. They also hoped that the loan facilities that were provided earlier against the units of mutual funds would be restored. Otherwise, they warned, they would go for a hunger strike.
The Small Investors Forum has alleged that its members are on the verge of losing their capital because of ambiguous directives of the Securities and Exchange Commission (SEC).
The small investors made the allegation at a press briefing at the Dhaka Reporters' Unity in the city Sunday.
At the press briefing the investors opposed the recent directive of the SEC to re-deem by December 31, 2011 the closed-end mutual funds, the duration of which has been 10 years or more.
"Although the 1st BSRS Mutual Fund, with a duration of more than ten years, was approved as a closed-end mutual fund, this also would not be re-deemed due to the directive," the investors said.
They demanded of the SEC to execute the verdict delivered by the High Court on mutual funds on the basis of discussion. They also hoped that the loan facilities that were provided earlier against the units of mutual funds would be restored. Otherwise, they warned, they would go for a hunger strike.