Regarding payment of money after dissolution of mutual fund scheme — BSEC — BD

Securities and Exchange Commission of Bangladesh Life Insurance Tower (15th, 16th, 17th and 21st Floor), 10 Dilkusha B/A, Dhaka-1000, Bangladesh.

No.- BSERC/CMARRCID/2009-193/185
02 May 2016

Directive

The Securities and Exchange Commission of Bangladesh, under the powers conferred by Section 20A of the Securities and Exchange Ordinance, 1969 and Rule 81 of the Securities and Exchange Commission (Mutual Fund) Rules, 2001, issues the following directives to adopt convenient methods for returning all money due to unit holders after the dissolution of a mutual fund scheme and to protect the interests of investors and the capital market; which shall come into force immediately, as follows:

(a) The Trustee concerned shall return the distributable money after dissolution to the unit holders of the mutual fund through the Electronic Fund Transfer Network (EFTN);

Provided that, in the case of payment of money, the money due to customers classified as margin (B/O accounts) shall be provided to the relevant Depository Participant (DP) of the margin customers collectively through the EFTN;

(b) After providing the money mentioned in clause (a), the relevant DP shall distribute it to the respective investors within the next 3 (three) days according to the list of unit holders;

(c) Each margin loan providing institution related to clause (a) shall inform the Trustee of the list and details of the margin customers according to the relevant DP within the time determined by the Trustee, and shall provide a report thereof to the Trustee within the next 2 (two) working days after the distribution of money;

(d) In cases where it is not possible to provide money to any unit holders of the mutual fund through the EFTN for any reasonable cause, the relevant Trustee shall return the money only in such cases through crossed check, bank draft, or pay order;

(e) In all the aforementioned cases, the time limit described in Rule 54(2) of the Securities and Exchange Commission (Mutual Fund) Rules, 2001 shall be followed for the return of money.

By Order of the Securities and Exchange Commission of Bangladesh

(Signature)
Dr. M. Khairul Hossain
Chairman

Phone (PBX): +880-2-9568101-2, +880-2-9561525, Fax: +880-2-9563721, E-mail: secbd@bdmail.net, Web: www.secbd.org, www.sec.gov.bd

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Issued under

Securities and Exchange Commission (Mutual Fund) Rules, 2001 (Updated until August 24, 2021)2022 · BSEC
“and Rule 81 of the Securities and Exchange Commission (Mutual Fund) Rules, 2001”
Securities and Exchange Ordinance, 1969Not in RegAlert
“under the powers conferred by Section 20A of the Securities and Exchange Ordinance, 1969”