AMCs asked to submit reports on assets by Jan 15

The securities regulator has asked the custodians of Asset Management Companies (AMCs) to submit their reports on the assets purchased as on December 31 this year to ensure due responsibility of custodians, officials said.

An official source of the Bangladesh Securities and Exchange Commission (BSEC) said the regulator sent the letter on Tuesday.

The custodians' reports should also include the information of bank accounts opened and closed by the respective AMCs.

"The custodians of the AMCs will have to submit information on whether the assets purchased by the AMCs are in their custody as per rules," the BSEC official said.

He said the custodians will have to submit the reports by January 15 next year.

"The regulator's latest move came as part of continuous process to ensure the compliance of AMCs," the BSEC official said.

As per section 41 of the Securities and Exchange Commission (Mutual Fund) Rules, 2001, the custodians will ensure safe custody of the assets purchased by the AMCs.

And as per the section 33 (2), the AMCs will provide the information of opening and closing of bank accounts and the transaction of securities with the custodians.

Presently, there are 17 AMCs which are managing the mutual funds in the capital market.

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