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Investment Corporation of Bangladesh gets approval to convert mutual funds

666The Investment Corporation of Bangladesh (ICB) on Monday (5 November 2013) got regulatory approval to convert its eight close-ended mutual funds into open-ended ones after the expiry of their tenure on December 31.
“The commission has amended the Mutual Fund Rules-2001 and gave green light to ICB following the rules,??? a high official of BSEC told The Daily Star.
The eight mutual funds are: First ICB Mutual Fund, Second ICB Mutual Fund, Third ICB Mutual Fund, Forth ICB Mutual Fund, Fifth ICB Mutual Fund, Sixth ICB Mutual Fund, Seventh ICB Mutual Fund and Eighth ICB Mutual Fund.
The ICB earlier filed an application with the BSEC to merge the mutual funds with the Bangladesh Fund, but the commission rejected the plea due to absence of such options.
According to the latest amendments to the rules, all mutual funds can issue stock dividend for their unit holders as re-investments.
As per the rules, a decision of conversion will be effective after getting approval of two-third of unit holders of a fund in an extraordinary general meeting.
The ICB in August filed two separate applications with the BSEC. Of the applications, one sought permission from the BSEC to convert ICB AMCL First Mutual Fund, a listed closed-ended mutual fund, into an open-ended fund and the other application sought permission for the proposed merger.


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