The Bangladesh Securities and Exchange Commission (BSEC) has approved the draft prospectus for the Blue-Wealth First Stable Return Fund, clearing the way for the launch of a Tk30 crore open-end mutual fund.
The approval was granted at the regulator’s 1,019th commission meeting on Monday, chaired by Chairman Masud Khan.
According to a BSEC statement on Tuesday, the fund aims to raise Tk30 crore, of which sponsor Blue-Wealth Assets Limited has contributed Tk3 crore. The remaining Tk27 crore will be offered to general investors.
Each unit will have a face value of Tk10.
Blue-Wealth Assets Limited will serve as the fund manager. Sandhani Life Insurance Company Ltd. has been appointed trustee, while Commercial Bank of Ceylon PLC will act as the custodian.
The commission also approved the fund’s abridged prospectus, allowing it to proceed with the public offering.
