The Bangladesh Securities and Exchange Commission (BSEC) hereby directs the foreign company or investor to comply with the following requirements in order to be a sponsor of any mutual fund:
- Any foreign company, either public or private, shall be eligible to be a sponsor of any mutual fund either single or jointly with any local company.
- Each foreign company, being a sponsor of mutual fund, either single or jointly with any local eligible sponsor, shall meet the requirements to create a trust as per the Trust Act, 1882 (Act No. 11 of 1882).
- No foreign company as a sponsor of mutual fund shall subscribe more than 25% of the fund size.
This directive ( No. BSEC/CMRRCD/2009-193/18– ) shall have immediate effect.