The Bangladesh Securities and Exchange Commission has rejected the tenure extension proposals made by two mutual funds — Grameen One: First Scheme of Grameen Mutual Fund One and AIMS First Guaranteed Mutual Fund. According to two separate notifications published on the Dhaka Stock Exchange web site on Sunday, AIMS of Bangladesh, the asset manager of the mutual funds, has informed that the BSEC has declined the proposals of extension of tenure of Grameen One: First Scheme of Grameen Mutual Fund One and AIMS First Guaranteed Mutual Fund for another 10 years.
Earlier in June this year, the unit holders of Grameen One and AIMS First Guaranteed Mutual Fund approved the proposals of Bangladesh General Insurance Company, trustee of the mutual funds, to extend the tenure of the mutual funds by another 10 years.
The tenure of the mutual funds will expire on June 30 next year.
Asked, AIMS of Bangladesh managing director Yawer Sayeed told New Age, ‘We are yet to know the exact reason for the rejection of the proposals.’
‘So, we have sent a letter to the commission requesting it to let us know the reason for the denial,’ Sayeed said.
‘In another letter to the commission, we have raised our concern about a media report which said that the BSEC would seek the finance ministry’s opinion regarding tenure extension of the mutual funds operated by ICB Asset Management Company,’ he said.
The letter has also sought fair and equal treatment to all, he said.
As the BSEC law does not allow any mutual fund to extend its tenure once it completes ten year tenure, the commission rejected the tenure extension proposals made by Grameen One: First Scheme of Grameen Mutual Fund One and AIMS First Guaranteed Mutual Funds, a BSEC senior official said.
-With New Age input
