Bangladesh Securities and Exchange Commission (BSEC) has approved the draft prospectus of two open-ended funds named IDLC Nagrik SDG Fund’ and ‘CWT High Income Fund’.

This approval was given in the commission meeting held on Sunday (May 19) chaired by BSEC chairman Professor Shibli Rubaiyat-ul-Islam. BSEC spokesperson and executive director Mohammad Rezaul Karim gave this information after the commission meeting.

He said that the draft prospectus of an open-ended special purpose fund named ‘IDLC Citizen SDG Fund’ has been approved in the commission meeting. The initial target of this fund is Tk 25 crore. Out of this, the promoter of the fund, IDLC Asset Management Company Limited, will give Tk 2.5 million. The remaining Tk 225 million will be open to general investors.

The face value per unit of the fund is Rs. IDLC Asset Management Company Limited is acting as the asset manager of this fund. Thanthi Life Insurance Company Limited is acting as trustee and BRAC Bank Limited is acting as custodian.

BSEC spokesperson said, the commission has approved the draft prospectus of open-ended fund ‘CWT High Income Fund’. The initial target of this fund is Tk 25 crore. Out of this, Udyakta CWT Asset Management Company Limited will give 2 crore 50 rupees. The remaining Tk 225 million will be open to general investors.

The face value per unit of the fund is Rs. CWT Asset Management Company Limited is acting as the asset manager of this fund. seeker Life Insurance Company Limited is acting as Trustee of the Fund and Commercial Bank of Ceylon is acting as Custodian.