BSEC okays draft prospectus of Sandhani Income Fund
The primary target size of the fund is Tk50 crore
The Bangladesh Securities and Exchange Commission (BSEC) has approved the draft prospectus of Sandhani AML SLIC Fixed Income Fund, an open-ended mutual fund.
The commission approved the prospectus at its 825th meeting on Wednesday.
According to BSEC, the primary target size of the fund is Tk50 crore.
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Of this, the sponsor will provide Tk10 crore and the remaining Tk40 crore will be raised by selling mutual fund units to investors at a face value of Tk10 each.
Bangladesh General Insurance Company Ltd is the trustee, while Brac Bank Ltd is the custodian of the fund.
The fund's asset manager - Sandhani Asset Management Limited - will focus on mid-and large-cap stocks, while capital protection will get high priority.
Open-ended mutual funds have no mandatory endpoint, and according to current regulations, their units are not listed with stock exchanges.
Therefore, investors buy and sell open-ended fund units based on current asset value from the asset manager's office or through authorised agents.
