B Mirror Report: The Bangladesh Securities and Exchange Commission (BSEC) has approved the prospectus of the ‘LankaBangla Fixed Income Fund,’ an open-ended mutual fund, at its 1001st commission meeting held at the BSEC headquarters in the capital.

The decision was taken during the commission meeting held at the BSEC meeting room, according to a press release issued by the regulator. The meeting was presided over by BSEC Chairman Khondoker Rashed Maqsood.

The LankaBangla Fixed Income Fund has been formed as an open-ended mutual fund with an initial primary target size of Tk 25 crore. The fund’s capital structure includes a sponsor contribution of Tk 2.5 crore and a public offering worth Tk 22.5 crore. Each unit of the fund has been set at a face value of Tk 10.

As per the press release, the commission approved both the draft prospectus and its abridged version. The approval of the abridged prospectus provides the regulatory clearance required for the asset manager to begin public notification and formally invite investors to subscribe to the fund.