Aims First Guaranteed Mutual Fund

Hearing on Sunday

The hearing of the case challenging Bangladesh Securities and Exchange Commission’s decision to close AIMS First and Grameen One mutual funds after Dec 31, 2015 was deferred  to January 17 (Sunday) from yesterday.
BRAC Bank Head of Communications Zara Jabeen Mahbub confirmed it yesterday. Earlier, in an executive decision on Jan 24, 2010, the Bangladesh Securities and Exchange Commission (BSEC) fixed a 10-year term for closed-end mutual funds and ordered the closure of those that crossed the timeframe.
On Jun 29 last year, BSEC decided to close AIMS First and Grameen One mutual funds after Dec 31.
But Ali Zaman, one of the unit holders in both mutual funds, challenged the SEC decision in the High Court on Sep14. BRAC Bank later joined petitioner Zaman’s side in the petition.
The High Court declared the BSEC decision ‘illegal’, but the chamber judge stayed the order until Jan 10 following the regulators’ appeal.
A regular bench of the Appellate Division was set to hear the case yesterday.

Aims First Guaranteed Mutual Fund

Hearing on Sunday

The hearing of the case challenging Bangladesh Securities and Exchange Commissions decision to close AIMS First and Grameen One mutual funds after Dec 31, 2015 was deferred to January 17 (Sunday) from yesterday. BRAC Bank Head of Communications Zara Jabeen Mahbub confirmed it yesterday. Earlier, in an executive decision on Jan 24, 2010, the Bangladesh Securities and Exchange Commission (BSEC) fixed a 10-year term for closed-end mutual funds and ordered the closure of those that crossed the timeframe. On Jun 29 last year, BSEC decided to close AIMS First and Grameen One mutual funds after Dec 31. But Ali Zaman, one of the unit holders in both mutual funds, challenged the SEC decision in the High Court on Sep14. BRAC Bank later joined petitioner Zamans side in the petition. The High Court declared the BSEC decision illegal, but the chamber judge stayed the order until Jan 10 following the regulators appeal. A regular bench of the Appellate Division was set to hear the case yesterday.