BSEC approves Ekush Growth Fund

The stock market regulator has approved an open-ended mutual fund named Ekush Growth Fund.

The approval came in a meeting of Bangladesh Securities and Exchange Commission (BSEC) today at the commission building in the capital.

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 managers' 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 Ekush Growth fund was approved on the condition to increase in its primary target to Tk 25 crore from the previous plans of Tk 10 crore.

The mutual fund would be managed by Ekush Wealth Management. Its trustee and custodian is Sandhani Life Insurance and Brac Bank respectively.