A view-exchange meeting of stakeholders will take place today (Tuesday) to discuss the future of eight closed-end mutual funds (MFs), managed by the Investment Corporation of Bangladesh (ICB), officials said.
Representatives of the Bangladesh Bank (BB), the Bangladesh Securities and Exchange Commission (BSEC), ICB and both the bourses will attend the meeting at the Ministry of Finance (MoF).
Banking and Financial Institution Division secretary Dr M Aslam Alam will chair it.
The officials also said proposed tenure extension of the ICB-managed MFs is likely to be discussed in the meeting. They, however, could not speak about it in detail.
The securities regulator earlier asked ICB to close all its eight MFs, aged around 18-34 years, one by one in three-month interval.
As per the BSEC direction, ICB has to close Second ICB Mutual Fund within June 30, 2015, Third ICB Mutual Fund within September 30, 2015, and Fourth ICB Mutual Fund by December 31, 2015.
ICB was also supposed to close First ICB Mutual Fund within March 31, 2015.
In line with that, Fifth ICB Mutual Fund has to be closed within March 31, 2016, Sixth ICB Mutual Fund by June 30, 2016, Seventh ICB Mutual Fund by September 30, 2016, and Eighth ICB Mutual Fund by December 31, 2016.
In 2009, BSEC asked ICB to pull out the MFs, which have crossed 10 years, from the market by December 2011.
However, the regulator later extended tenure of the ICB-run close-ended MFs for three years, following plea of the corporation.
In 2013 BSEC asked ICB to complete all procedures for conversion or abolishment of the mutual funds within December 31, 2014.
mufazzal.fe@gmail.com
