OTC trading starts by next week→
The Investment Corporation of Bangladesh (ICB) on Thursday has completed the registration process of the much-talked about Tk 50 billion Bangladesh Fund.
The registration process of the fund has been completed in presence of sponsor’s delegations at ICB sub-registry office.
The ICB has registered the fund, told Md Fayekuzzaman, managing director of ICB after a meeting. He also said the fund would help market provide finances. He however told as per the SEC regulations 10 per cent of the fund will be deposited with the fund account and Tk 5 billion will be deposited by sponsors.
The transaction of the fund will start at ICB’s over-the-counter (OTC) market after the final approval of SEC. The institutional investors as well as individual traders will be able to take part at the trading by next week, he added.
Earlier on April 18, the Securities and Exchange Commission approved a trust deed and investment management agreements on the Tk 50 billion.
Eight state-owned financial institutions will sponsor Tk 15 billion of the funds, while the rest of the fund will be raised from institutions and individual investors through OTC market.
The eight institutions include Investment Corporation of Bangladesh (ICB), Sonali Bank, Janata Bank, Agrani Bank, Rupali Bank, Bangladesh Development Bank, Sadharan Bima Corporation and Jibon Bima Corporation.
ICB Asset Management Company Ltd is the manager of the fund, while ICB Capital Management Company Ltd is the custodian.
On March 6 this year, the ICB and seven other state-owned companies decided to form an open-ended mutual fund of Tk 5o billion, titled ‘Bangladesh Fund’, to overcome the current crisis in stock market. The fund authorities submitted the proposal to the SEC on March 29 for approval
The Investment Corporation of Bangladesh (ICB) on Thursday has completed the registration process of the much-talked about Tk 50 billion Bangladesh Fund.
The registration process of the fund has been completed in presence of sponsor’s delegations at ICB sub-registry office.
The ICB has registered the fund, told Md Fayekuzzaman, managing director of ICB after a meeting. He also said the fund would help market provide finances. He however told as per the SEC regulations 10 per cent of the fund will be deposited with the fund account and Tk 5 billion will be deposited by sponsors.
The transaction of the fund will start at ICB’s over-the-counter (OTC) market after the final approval of SEC. The institutional investors as well as individual traders will be able to take part at the trading by next week, he added.
Earlier on April 18, the Securities and Exchange Commission approved a trust deed and investment management agreements on the Tk 50 billion.
Eight state-owned financial institutions will sponsor Tk 15 billion of the funds, while the rest of the fund will be raised from institutions and individual investors through OTC market.
The eight institutions include Investment Corporation of Bangladesh (ICB), Sonali Bank, Janata Bank, Agrani Bank, Rupali Bank, Bangladesh Development Bank, Sadharan Bima Corporation and Jibon Bima Corporation.
ICB Asset Management Company Ltd is the manager of the fund, while ICB Capital Management Company Ltd is the custodian.
On March 6 this year, the ICB and seven other state-owned companies decided to form an open-ended mutual fund of Tk 5o billion, titled ‘Bangladesh Fund’, to overcome the current crisis in stock market. The fund authorities submitted the proposal to the SEC on March 29 for approval