B Mirror Report: The Bangladesh Securities and Exchange Commission (BSEC) has given approval to convert the SEML Lecture Equity Management Fund from a closed-end mutual fund into an open-end mutual fund.

The decision was taken at the Commission’s 1002nd meeting, held today at the BSEC headquarters, according to a press release.

The meeting was chaired by BSEC Chairman Khondoker Rashed Maqsood, where several regulatory issues were discussed, including the structural conversion of the mutual fund.

According to the release, the approval for transforming the fund into a perpetual open-end structure came after the fund completed its mandatory 10-year tenure as a closed-end mutual fund.

The Commission also approved all related documents required for the conversion process.

After the transformation, the initial size of the open-end SEML Lecture Equity Management Fund will be Tk 50 crore.

In the new structure, Strategic Equity Management Limited will continue to act as the Asset Manager, while Bangladesh General Insurance Company PLC will serve as the Trustee and Commercial Bank of Ceylon PLC will perform the role of Custodian.