The Securities and Exchange Commission on Wednesday approved the amended Securities and Exchange Commission (Mutual Fund) Rule, 2001, allowing asset managers to handle funds of institutional clients and increasing the individual placement ceiling to Tk one crore.
'The commission finalised the amendments taking into consideration the opinions of stakeholders and public,' SEC executive director Saifur Rahman told a press
briefing at the commission office.
He also said, 'Provident funds, pension funds, and endowment funds will now be considered as institutional clients.'
Before making the draft of mutual fund rules public, the commission had proposed that the individual placement ceiling should be Tk 25 lakh, which it later raised to Tk one crore.
The SEC also allowed advisory service for the mutual funds subject to approval of the commission, Saifur said.
The capital market regulator on Wednesday also formed a three-member committee headed by Saifur Rahman to prepare and place a set of recommendations to the commission
for amending the Securities and Exchange Commission (Merchant Banker and
Portfolio Manager) Rule, 1969.
Saifur said, 'The committee will submit the recommendations within 15 working days after receiving the office order.'
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