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The Financial Express

BSEC approves prospectus of LankaBangla Al-Arafah Shariah Unit Fund

| Updated: November 24, 2017 10:28:49


BSEC approves prospectus of LankaBangla Al-Arafah Fund

The securities regulator Tuesday approved the draft prospectus of LankaBangla Al-Arafah Shariah Unit Fund with an initial size of Tk 500 million.

The regulator also imposed an aggregate amount of penalty worth Tk 7.0 million on four brokerage firms for breaching the securities rules.

The decisions came at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).

The sponsors of LankaBangla Al-Arafah Shariah Unit Fund will contribute Tk 100 million and Tk 160 million will be collected through private placements. Remaining Tk 240 million will be collected through sales of units of LankaBangla Al-Arafah Shariah Unit Fund.

LankaBangla Asset Management Company will work as fund manager of LankaBangla Al-Arafah Shariah Unit Fund.

The BSEC imposed a penalty worth Tk 2.0 million on Globe Securities as the company has shortage of clients' fund in consolidated customer account. The company also breached rules by opening BO (beneficiary owner's) accounts in the names of authorised representatives.

According to another BSEC decision, S. B Securities will have to pay penalty worth Tk 1.5 million for breaching rules through disbursement loans to director, relatives and employees by breaching rules.

Due to shortage of clients' fund in consolidated customer account and mismatch in clearing account, Khurshid Securities has been fined Tk 1.0 million.

The securities regulator imposed a penalty worth Tk 2.5 million on Sharp Securities as the company has shortage of clients' fund in consolidated customer account and disbursed loans to director, employees and relatives by breaching rules.

 

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