BSEC gives nod to SAML Growth Fund

The Bangladesh Securities and Exchange Commission approved an open-ended mutual fund, named the SAML Growth Fund, at a commission meeting yesterday.

Mutual funds pool money from investors to channel it into securities such as stocks, bonds and other assets.

Depending on the profits earned, investors are then paid their share as dividends.

Open-ended mutual funds are not listed with the stock market but one can buy them from a fund manager's office on the basis of its net asset value. Similarly, investors can sell off fund units at any time at prices based on its current net asset value.

The primary target of the fund is Tk 25 crore, of which Shahjalal Asset Management provided Tk 2.5 crore.

The face value of each unit is Tk 10.

Shahjalal Asset Management is the fund manager while its trustee and custodian are Sandhani Life Insurance Company and Brac Bank respectively.