Capital Market Stabilization Fund (CMSF) has taken the decision to launch Golden Jubilee Mutual Fund to create positive vibration in the Capital Market in Bangladesh.
The fund is dedicated to the Father of the Nation Bangabandhu Sheikh Mujibur Rahman and to commemorate the Golden Jubilee of Independence Day and Mujib Year, reads a press release.
The fund, titled, "ICB AMCL CMSF Golden Jubilee Mutual Fund" is worth Tk100 crores. It is also a closed-end mutual fund with a Unit Face Value of Tk10.
ICB AMCL will serve as the "Fund Manager", BRAC Bank Limited as the 'Custodian' and BGIC as the "Trustee" of the Fund.
"The management of this mutual fund has been designed in such a way that the fund would never decrease rather increase gradually. So, investors can expect good returns," said BSEC Chairman Prof Shibli Rubayat-Ul-Islam.
He further said in a CMSF programme that mutual funds play the biggest role in the stock market all over the world and the commission is working to boost the enthusiasm of the general public towards mutual funds in the country.
CMSF has been established by the Bangladesh Securities and Exchange Commission (BSEC) under the BSEC (Capital Market Stabilization Fund) Rules, 2021.
BSEC has approved the draft Trust Deed and Investment Management Agreement of 'ICB AMCL CMSF Golden Jubilee Mutual Fund' on 31 March.
As per the Rule, CMSF acts as a custodian of cash and stocks in favour of the investors as received by transferring unclaimed and undistributed cash or stock dividend, non-refunded public subscription money, and un-allotted rights shares from the issuer of listed securities.
Cash or stock deposited in the fund will be paid or settled on due claims by the shareholders or investors at any time.