Conversion guidelines for close-end to open-end mutual fund — BSEC — BD

Registered No. D.A-1
Bangladesh Gazette
Extraordinary Number
Published by Authority
Sunday, August 30, 2015
[ Notifications and Notices Issued by the Government for Private Persons and Corporations ]

Securities and Exchange Commission of Bangladesh

Amendment to the Securities and Exchange Rules, 1979 and the Securities and Exchange Commission (Mutual Fund) Rules, 2011

Dated 08 August, 2015

G.S.R. 290/2015/Law/2009-193/174/Office/61—Whereas, under Section 23 of the Securities and Exchange Commission Act, 1993 (G.S.R. No. 100/Law/1993), the Securities and Exchange Commission of Bangladesh is empowered to make rules for carrying out the purposes of the Act; and whereas, under Rule 26 of the Securities and Exchange Commission (Mutual Fund) Rules, 2011, dated 27 February, 2011, the Securities and Exchange Commission of Bangladesh has the authority to make rules regarding the conversion of mutual funds; now, therefore, in exercise of the powers conferred by the aforementioned provisions, the Securities and Exchange Commission of Bangladesh hereby makes the following rules, namely:

In the Securities and Exchange Rules, 1979 (G.S.R. No. 100/Law/1993), in the Second Schedule, in Part (A), Rule 23, after sub-rule (1), the following new sub-rule shall be inserted, namely:

"(2) A close-end mutual fund may be converted into an open-end mutual fund if the net asset value per unit of the close-end mutual fund is equal to or greater than the face value of the unit."

In the Securities and Exchange Commission (Mutual Fund) Rules, 2011, in Rule 26, the following new sub-rule shall be inserted, namely:

"(2) A close-end mutual fund may be converted into an open-end mutual fund if the net asset value per unit of the close-end mutual fund is equal to or greater than the face value of the unit."

Chairman
Securities and Exchange Commission of Bangladesh

Md. Abdul Malek
Additional Director (In-charge), Bangladesh Government Printing Press, Tejgaon, Dhaka, for printing.

Md. Alomgir Hossain (Deputy Secretary), Additional Director, Bangladesh Form and Publication Office, Tejgaon, Dhaka, for publication. No. 00.00.0000.069.11.001.15- (6715) Price: Taka 4.00

Lineage: No known changes

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amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it

The links and the sentences they come from (3)

Amends

Regulation No. 100/Law/1993 of 1993Not in RegAlert
“In the Securities and Exchange Rules, 1979 (G.S.R. No. 100/Law/1993), in the Second Schedule, in Part (A), Rule 23, after sub-rule (1), the following new sub-rule shall be inserted”

Issued under

Act No. 100/Law/1993 of 1993Not in RegAlert
“Whereas, under Section 23 of the Securities and Exchange Commission Act, 1993 (G.S.R. No. 100/Law/1993), the Securities and Exchange Commission of Bangladesh is empowered to make rules for carrying out the purposes of the Act”
Securities and Exchange Commission (Mutual Fund) Rules, 2011 dated 2011-02-27Not in RegAlert
“under Rule 26 of the Securities and Exchange Commission (Mutual Fund) Rules, 2011, dated 27 February, 2011, the Securities and Exchange Commission of Bangladesh has the authority to make rules regarding the conversion of mutual funds”