SEC moves to lift curbs on two mutual funds

The Securities and Exchange Commission yesterday sat with the assent management firm of Grameen One Mutual Fund and Grameen One: Scheme Two to lift a suspension order on them.
AIMS of Bangladesh, an asset management company, manages the two mutual funds, including AIMS First Mutual Fund.
Prof M Khairul Hossain, chairman of SEC, presided over the discussion, while Yawer Sayeed, managing director of AIMS, was present.
The trading of the two funds was suspended on August 25 by Dhaka Stock Exchange as they declared dividends without approval from the regulator.
The commission will take decision on the funds soon to bring them back to the market, said an SEC official.
“The asset management firm should have taken our permission before declaring the dividends,” he added.
After declaring the dividends, AIMS sought the commission's approval as per the securities law, said an official of AIMS. “I hope the commission will resolve the problems within a couple of days."