Mutual Funds under scanner; steps to bring more accountability


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Mutual Funds under scanner; steps to bring more accountability

The regulatory body Bangladesh Securities and Exchange Commission (BSEC) has taken a number of decisions to increase transparency in mutual funds and ensure good governance in asset management organizations involved in fund management. Today, Sunday (September 6), the BSEC issued a notification in this regard. This information has been known from BSEC sources.

According to the notification, each mutual fund will disclose the number of shares and units of the mutual fund purchased with the funds before 30 days of closure. The unit holders of the fund will have to disclose this information in e-mail as well as on the website of the asset management company.  The circular said that within 3 months of the end of the financial year, a copy of the audited financial report of each mutual fund, details of comprehensive income, cash flow statement, etc. should be submitted to BSEC.

On the other hand, its unaudited financial report has to be submitted to the commission within 45 days of the end of the half-yearly account. At the end of each quarter, the report on the change in asset value of the respective mutual fund must be submitted to the BSEC within 30 days of the end of the quarter. The unaudited financial statements of each mutual fund must be published on the website within 30 days of the close of the quarter and 45 days of the close of the half-yearly account.



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