FCBM launches the Golden Jubilee Mutual Fund
The Capital Market Stabilization Fund (CMSF) has taken the decision to launch the Golden Jubilee Mutual Fund to create a positive vibe in the capital market in Bangladesh.
The fund is dedicated to Nation Father Bangabandhu Sheikh Mujibur Rahman and commemorates the Golden Jubilee of Independence Day and Mujib Year, a press release read.
The fund, titled “ICB AMCL CMSF Golden Jubilee Mutual Fund” is worth Tk 100 crore. It is also a closed-end mutual fund with a nominal unit value of Tk10.
ICB AMCL will act as the “Manager of the Fund”, 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 never decreases but gradually increases. Thus, investors can expect good returns,” said BSEC Chairman Prof. Shibli Rubayat-Ul-Islam.
He further stated in a CMSF program that mutual funds play the biggest role in the stock market worldwide and that the commission is working to stimulate the general public’s enthusiasm for mutual funds. placement in the country.
CMSF was established by the Bangladesh Securities and Exchange Commission (BSEC) under the Capital Market Stabilization Fund (BSEC) Rules of 2021.
BSEC approved the draft trust deed and investment management agreement of “ICB AMCL CMSF Golden Jubilee Mutual Fund” on March 31.
In accordance with the rule, the CMSF acts as depositary of cash and shares in favor of investors as received by transferring unclaimed and undistributed cash or stock dividends, unreimbursed public subscription funds and unallocated rights shares of the issuer of listed securities. .
Cash or shares deposited in the fund will be paid or settled against claims owed by shareholders or investors at any time.