Bangladesh Securities and Exchange Commission (BSEC) has approved the conversion of SEML Lecture Equity Management Fund from a closed-end mutual fund into an open-ended fund after the scheme completed its 10-year tenure.
The decision was taken at the regulator’s 1002nd commission meeting chaired by BSEC Chairman Khondker Rashed Maqsood on Tuesday, the commission said in a press release.
The approval followed opinions from unit holders and an application submitted by the fund’s trustee Bangladesh General Insurance Company PLC.
After the conversion, the open-ended SEML Lecture Equity Management Fund will have an initial size of Tk50 crore.
Strategic Equity Management Limited is serving as the fund’s asset manager.
Bangladesh General Insurance Company PLC and Commercial Bank of Ceylon PLC are acting as the fund’s trustee and custodian respectively.
The commission also approved other relevant documents related to the fund, the regulator said.
