The Bangladesh Securities and Exchange Commission (BSEC) has approved the draft prospectus and summary prospectus for a new open-end mutual fund, paving the way for its launch in the capital market.
The approval for the Blue-Wealth First Stable Return Fund was granted at the commission’s 1,019th meeting on Tuesday, chaired by BSEC Chairman Masud Khan.
According to the BSEC, the fund has an initial target size of Tk 30 crore. Of the total, sponsor Blue-Wealth Assets Limited has committed Tk 3 crore from its own resources, while the remaining Tk 27 crore worth of units will be offered to general investors.
The fund will have a face value of Tk 10 per unit. Blue-Wealth Assets Limited will serve as the asset manager.
Sandhani Life Insurance Company Limited (SLIC) has been appointed as the trustee, while Commercial Bank of Ceylon PLC will act as the custodian of the fund.
The BSEC said the fund will be able to begin raising capital from investors once all regulatory and procedural requirements are completed.
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