RegAlert

Rule · BSEC · 11 Mar 2010

Notification related to mutual fund units lock-in

securities

The Securities and Exchange Commission amended Rules 46 and 50K of the Securities and Exchange Commission (Mutual Fund) Rules, 2001. Rule 46 sets minimum capital requirements at 50 crore BDT for new term schemes and 20 crore BDT for new open-ended schemes, requiring at least 50% of funds to be raised via public offer. Rule 50K imposes a one-year lock-in period for units issued through private placement, starting from the listing date for term funds or the fund formation date for open-ended funds.

BangladeshBangladesh Securities and Exchange Commission

NOTIFICATION
Date: 11 March 2010
No. SEC/CMMRCDI/2006-157/Admin-------

In consultation with the Government under sub-section (2) of Section 24 of the Securities and Exchange Ordinance, 1993 (Act No. 15 of 1993), the Securities and Exchange Commission (Mutual Fund) Rules, 2001 have been amended as follows:

In the aforementioned Rules:

  1. Sub-rule (1) of Rule 46 shall be replaced by the following:
    (1) The minimum amount of capital to be collected for each new term scheme shall be 50 (fifty) crore Taka, and the minimum amount of capital to be collected for a new open-ended scheme shall be 20 (twenty) crore Taka. At least 50% (fifty percent) of the Mutual Fund (Scheme) must be raised through a public offer.

  2. Rule 50K shall be replaced by the following:
    50K. Lock-in. - Regarding the investment of investors through private placement in Mutual Funds (Schemes), a lock-in period of 1 (one) year shall remain in force in both cases: (a) for units of term funds, from the date of listing on the stock exchange, and (b) for open-ended funds, from the date of fund formation.

By order of the Securities and Exchange Commission

Md. Ziaul Haque Khondker
Chairman

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Act No. 15 of 1993Not in RegAlertAct No. 15 of 1993 — Not in RegAlertSecurities and Exchange Commission(Mutual Fund) Rules, 2001Not in RegAlertSecurities and Exchange Commission (Mutual Fund) Rules, 2001 — Not in RegAlertNotification related to mutualfund units lock-in2010-03-11 · this documentNotification related to mutual fund units lock-in (2010-03-11)
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 (2)
Amends
  • Securities and Exchange Commission (Mutual Fund) Rules, 2001Not in RegAlert

    “the Securities and Exchange Commission (Mutual Fund) Rules, 2001 have been amended as follows:”

Issued under
  • Act No. 15 of 1993Not in RegAlert

    “In consultation with the Government under sub-section (2) of Section 24 of the Securities and Exchange Ordinance, 1993 (Act No. 15 of 1993)”

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