Panel to investigate unusual price hike of mutual funds

The stock market regulator yesterday formed a two-member panel to find out the reasons behind the unusual price hike of mutual funds.

Meanwhile, prices of almost all mutual funds dropped on the day with the spread of the news of the committee's formation.

The panel was asked to look into the unusual price hike of CAPM IBBL Islamic Mutual Fund, SEML IBBL Shariah Fund, Vanguard AML Rupali Bank Balanced Fund, NCCBL Mutual Fund-1 and Prime Finance First Mutual Fund.

They were asked to submit the investigation report within 30 workdays.

BSEC spokesperson Rezaul Karim said Bangladesh Securities and Exchange Commission formed the committee as some mutual funds were rising abnormally.

Units of CAPM IBBL Islami Mutual Fund rose around 150 per cent to Tk 16 during the last two weeks when SEML IBBL Shariah Fund also doubled to Tk 14.50.

In the same time, Vanguard AML Rupali Bank Balanced Fund, NCCBL Mutual Fund-1 and Prime Finance First Mutual Fund rose 90 per cent, 65 per cent and 55 per cent respectively, according to DSE data.