The Bangladesh Securities and Exchange Commission (BSEC) approved the draft prospectus of Investasia Growth Fund, an open-ended mutual fund.
The commission approved the prospectus at its 823rd meeting on Tuesday, stating a press release.
According to BSEC, the primary target size of the fund is Tk25 crore. Of this, the sponsor will provide Tk2.5 crore and the remaining Tk22.5 crore will be collected by selling the mutual fund units to investors at a face value of Tk10 each.
Sentinel Trustee and Custodial Services Ltd is the trustee and custodian of the fund while Invest Asia Capital Asset Management Ltd is the asset manager who 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.