Extension of Tenure for Existing Close-end Mutual Funds

Registered No. D.A-1

BANGLADESH

BANGLADESH SECURITIES AND EXCHANGE COMMISSION

No. BSECI/CMARRCID/2006

In exercise of the powers conferred by Section 16 of the Bangladesh Securities and Exchange Commission Act, 1993, and in accordance with the directions of the Government, the Bangladesh Securities and Exchange Commission hereby issues the following directions for the development of the securities market, regarding the re-determination of the tenure of issued existing close-end mutual funds:

Therefore, whereas, the Bangladesh Securities and Exchange Commission, under the Bangladesh Securities and Exchange Commission Act, 1993, has taken the decision that it is necessary to issue directions for the re-determination of the tenure of issued existing close-end mutual funds for the interest of the securities market and the development of the market;

Therefore, in exercise of the powers conferred by Section 20 of the Bangladesh Securities and Exchange Commission Ordinance, 1969 (BSECI Ordinance No. VIII of 1969), the Bangladesh Securities and Exchange Commission hereby relaxes the provisions of the rules and regulations applicable to existing close-end mutual funds as follows:

(1) An additional tenure may be added to the existing listed close-end mutual funds for a maximum of 10 (ten) years:

Provided that the tenure of any existing close-end mutual fund shall not exceed 20 (twenty) years from the date of its commencement;

Further provided that for those existing close-end mutual funds that do not wish to extend their current tenure, the opportunity for final closure or liquidation in accordance with the rules and regulations shall remain available.

(2) The provisions of Commission Order No. SECI/CMARRCID/2006-157/10/Pr/20 dated January 24, 2010, shall not apply to existing listed close-end mutual funds.

This order shall take immediate effect.

By Order of the Bangladesh Securities and Exchange Commission

Dr. M. Khairul Hossain
Chairman

Printed by Md. Lal Hossain, Deputy Director, Bangladesh Government Printing Press, Tejgaon, Dhaka.
Published by Md. Abdul Malek, Deputy Director, Bangladesh Forms and Publications Office, Tejgaon, Dhaka.

Ref. No. BSECI/CMARRCID/2006-157/210/Admin/83

Date: 02 October 2018

BANGLADESH GAZETTE
Extraordinary Issue
Published by Authority
Tuesday, October 23, 2018

BANGLADESH SECURITIES AND EXCHANGE COMMISSION
Securities Commission Building
E-6/C, Agargaon
Sher-e-Bangla Nagar Administrative Area
Dhaka-1207, Bangladesh.

Order
Date: 02 October 2018

BSECI/CMARRCID/2006-157/210/Admin/83—Whereas, the Bangladesh Securities and Exchange Commission, under Section 16 of the Bangladesh Securities and Exchange Commission Act, 1993, and in accordance with the directions of the Government, has taken the decision that it is necessary to issue directions for the re-determination of the tenure of issued existing close-end mutual funds for the interest of the securities market and the development of the market;

Therefore, in exercise of the powers conferred by Section 20 of the Bangladesh Securities and Exchange Commission Ordinance, 1969 (BSECI Ordinance No. VIII of 1969), the Bangladesh Securities and Exchange Commission hereby relaxes the provisions of the rules and regulations applicable to existing close-end mutual funds as follows:

(1) An additional tenure may be added to the existing listed close-end mutual funds for a maximum of 10 (ten) years:

Provided that the tenure of any existing close-end mutual fund shall not exceed 20 (twenty) years from the date of its commencement;

Further provided that for those existing close-end mutual funds that do not wish to extend their current tenure, the opportunity for final closure or liquidation in accordance with the rules and regulations shall remain available.

(2) The provisions of Commission Order No. SECI/CMARRCID/2006-157/10/Pr/20 dated January 24, 2010, shall not apply to existing listed close-end mutual funds.

This order shall take immediate effect.

By Order of the Bangladesh Securities and Exchange Commission

Dr. M. Khairul Hossain
Chairman

Printed by Md. Lal Hossain, Deputy Director, Bangladesh Government Printing Press, Tejgaon, Dhaka.
Published by Md. Abdul Malek, Deputy Director, Bangladesh Forms and Publications Office, Tejgaon, Dhaka.

Ref. No. BSECI/CMARRCID/2006-157/210/Admin/83