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fund worth below Tk 50 crore. The commission took the decision at a
meeting on Sunday, said a senior official of the stock market regulatory
body. He said the step would strengthen the mutual fund sector. The
SEC's move came following a proposal from the Dhaka Stock Exchange on what
should be the lowest worth of a mutual fund of getting SEC approval. The
premier bourse, however, had proposed that mutual fund of below Tk 100 crore
should not be allowed. A number of mutual funds are waiting for the
approval of the SEC for raising funds through issuing initial public
offerings with a number of financial institutions recently decided to float
mutual funds. Currently, a total of 17 mutual funds are listed with the
bourses. Of them, ICB and its subsidiaries have managed 13 mutual funds,
AIMS Bangladesh three and BSRS (Bangladesh Shilpa Rin Sangstha), and Prime
Finance have one each. Meanwhile, the subscription of IPO of ICB AMCL 2nd
Mutual Fund began on Sunday and will finish on August 16. For the
non-resident Bangladeshis, the closing date will be on August 25. The
mutual fund, sponsored by ICB Capital Management Ltd, will float 50 lakh
shares of Tk 100 each totalling Tk 50 crore. Resident Bangladeshis will
get units worth Tk 30 crore, while units worth Tk 5 crore will be reserved
for NRBs, and another Tk 5 crore for mutual funds. Sponsors will get units
worth Tk 10 crore. ICB Asset Management Company Ltd, a subsidiary of
Investment Corporation of Bangladesh, is working as asset manager of the
fund.
