Rule · BSEC · 24 Jan 2010

Order related to close end mutual fund maturity- 10 years and the cases whose 10 years are exceeded

The Securities and Exchange Commission mandates that the maximum maturity period for term mutual funds shall not exceed 10 years. Any term mutual fund whose maturity period has already exceeded 10 years must be dissolved by December 31, 2011. This order is effective immediately.

BangladeshBangladesh Securities and Exchange Commission

No. SECI/CMARRCID/2006-157/10 January 24, 2010

Order

Whereas, the Securities and Exchange Commission has decided that it is necessary to specify the maturity period of all issued term mutual funds (Close End Mutual Funds) for the continuous development of the capital market and public interest;

Therefore, under the powers conferred by Section 20A of the Securities and Exchange Ordinance, 1969 (Ordinance No. XXVII of 1969), read with Rule 81 of the Securities and Exchange Commission (Mutual Funds) Rules, 2001, the Commission hereby issues the following order regarding term mutual funds:

(a) The maximum maturity period of a term mutual fund shall not exceed 10 (ten) years.

(b) All term mutual funds whose maturity period has already exceeded 10 (ten) years shall be dissolved by December 31, 2011.

This order shall come into force immediately.

By Order of the Securities and Exchange Commission

Md. Ziaul Haque Khondakar
Chairman.

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The links and the sentences they come from (2)

Issued under

Ordinance No. XXVII of 1969Not in RegAlert
“under the powers conferred by Section 20A of the Securities and Exchange Ordinance, 1969 (Ordinance No. XXVII of 1969)”
Rule 81 of the Securities and Exchange Commission (Mutual Funds)Not in RegAlert · 2001
“read with Rule 81 of the Securities and Exchange Commission (Mutual Funds) Rules, 2001”