Home ›› 12 Apr 2022 ›› Stock
The Capital Market Stabilization Fund (CMSF) is in the process of adding a new closed-end mutual fund named "ICB AMCL CMSF Golden Jubilee Mutual Fund" to its portfolio.
CMSF is in close partnership with relevant entities and completing all the formalities that are required to operationalise the fund.
A trust deed signing ceremony was held at the Investment Corporation of Bangladesh's (ICB) head office in Dhaka on Monday, according to a statement.
CMSF Chief of Operation Md Monowar Hossain and CB Asset Management Company Ltd CEO ATM Ahmedur Rahman signed the agreement.
On March 31, the Bangladesh Securities and Exchange Commission (BSEC) approved the draft trust deed and investment management agreement of the fund.
CMSF is the sponsor and ICB AMCL is the fund manager of the "ICB AMCL CMSF Golden Jubilee Mutual Fund" while Bangladesh General Insurance Company (BGIC) will act as the trustee and Brac Bank Limited is the custodian of the fund.
The fund is worth Tk 100 crore. It is also a closed-end mutual fund with a unit face value of Tk 10.
According to CMSF's Golden Jubilee Mutual Fund Committee Chairman Professor Mohammad Tareq, the fund will help the market stabilize by investing in potential shares.
ICB Managing Director Abul Hossain hoped that there will be a 100 per cent subscription to this fund.
If this fund becomes successful, it will reduce the uncertainty among investors about closed-end mutual funds.
CMSF Chairman Nojibur Rahman said it is a good initiative by BSEC to increase the standard quality of the capital market and this fund is dedicated to the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman and to commemorate the Glorious Golden Jubilee of our independence and mujibborsho.
BSEC and CMSF have made a good combination of the best organization in the market to open the door to opportunities for the investors. This fund will protect the interest of small investors and will be a role model for the Mutual Funds, according to him.
