BSEC asks trustee of Grameen One to comply with 2008 directive

FE Report

The securities regulator has asked the trustee of Grameen One : Scheme Two to comply with the directive issued in 2008 setting a tenure of 10 years for all closed-end MFs.

As per the regulatory approval, Grameen One : Scheme Two was floated in 2008 with a tenure of fifteen years.

In 2008, the Bangladesh Securities and Exchange Commission (BSEC) also issued a directive setting 10-year tenure for closed-end MFs.

The tenure of Grameen One : Scheme Two will be ten years in September next.

As per the BSEC letter sent to the trustee, Grameen One : Scheme Two will have to be closed or converted into open-end one by September before completing five years.

In this regard, a BSEC official said Grameen One : Scheme Two was approved under umbrella trust deed.

He said it was mentioned in the governing clause of Grameen One : Scheme Two that its trustee immediately will comply with any change brought in the securities rules.

"That's why this fund will have to be closed or to be converted into open-end one by September next despite having 15-year tenure," said the BSEC official.

In this regard trustee of Grameen One : Scheme Two has sought legal opinion.

"Our trustee will speak about the regulatory instruction after getting the legal opinion," Mr. Yawer Sayeed of AIMS of Bangladesh said. AIMS of Bangladesh is the asset manager to Grameen One : Scheme Two.

As per information of Dhaka Stock Exchange (DSE), sponsor-directors own 20.52 per cent units of Grameen One : Scheme Two, while institutions hold 55.77 per cent units, foreign investors 1.39 per cent and general shareholders 22.32 per cent.

[email protected]