The Financial Express

BSEC approves Tk 100m Shariah Unit Fund

Imposes penalty on directors of Keya Cosmetics

| Updated: July 26, 2018 10:43:23

Picture used for illustrative purpose only Picture used for illustrative purpose only

The securities regulator has approved the draft prospectus of CAPITEC Padma P.E. Shariah Unit Fund.

The approval came at a meeting of Bangladesh Securities and Exchange Commission (BSEC) on Tuesday.

The regulator also imposed a penalty worth Tk 0.1 million on each of the directors, other than independent and nominated ones, of Keya Cosmetics for not submitting quarterly statement for the period ended on September 30, 2017.

As per the BSEC approval, the initial size of the CAPITEC Padma P.F. Shariah Unit Fund will be of Tk 100 million, said a statement.

The sponsor of the unit fund will contribute Tk 10 million and remaining Tk 90 million will be collected from public through sales of units.

Padma Life Insurance Limited Employees Provident Fund is the sponsor of the unit fund, while CAPITEC Asset Management is the fund manager.

Investment Corporation of Bangladesh (ICB) is working as trustee and custodian of the CAPITEC Padma P.F. Shariah Unit Fund.

The securities regulator has also decided to issue warning letters to three stock brokers of Dhaka Stock Exchange (DSE) for not submitting audited financial statements for the year ended on June 30, 2017.

The stock brokers are Unique Share Management, AB & Company, Alliance Securities and Management.

As per existing rules, the ICB Capital Management Limited (ICML) was supposed to apply for 18,582 rights shares of Saif Powertec on behalf of 25 investors.

But without taking investors' consent, the ICB Capital Management applied for the shares to include in the own portfolio of ICML through renunciation.

That's why the securities regulator cancelled the application of rights shares and decided to warn the ICML as it breached the securities rules, said the statement.

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