The securities regulator has issued a new directive on financial reporting and disclosure of mutual funds (MFs) and asset managers to enhance transparency in disclosure for the interest of investors and capital market.
The Bangladesh Securities and Exchange Commission (BSEC) issued the directive on Sunday.
As per the directive, a MF, asset manager, trustee, custodian and sponsor will make disclosures or submit documents as may be called upon to do so by the commission.
The documents which will have to be submitted are: a copy of the duly audited financial statements, including statement of financial position, statement of comprehensive income, statement of cash flow, statement of changes in equity, and accompanying accounting policies and notes to the financial statements of the fund and for each scheme.
These documents will have to be submitted once a year within three months from the end of financial year.
A copy of the half-yearly un-audited statements will have to be submitted to the commission within 45 days from the end of the first half of financial year.
The directive also mentioned that a quarterly statement of changes in the net asset of each of the schemes of the fund has to be submitted within 30 days of the end of quarter.
A quarterly statement of portfolios, including changes therein from the previous quarter, will also have to be submitted to the commission.
The BSEC also asked the asset managers to send a complete statement of portfolios of a scheme to all unit-holders within 30 days from the end of each quarter.
A copy of the un-audited quarterly statement will also have to be published on the MF's website within one month from the end of a quarter.
