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SEC dilly-dally delayed AIMS First floatation

Fund MD says at press conference

Star Business Report
Despite professional approach by the asset manger, government high-ups had to Intervene In the floatation of the country's first private mutual fund.
Managing Director of AIMS of Bangladesh Yawer Sayeed, the Asset management company for the AIMS First Guaranteed Mutual Fund, said this at a press conference to introduce the member of the Fund's trustee committee.
"We feel that the attitude of the regulators was intended at nipping the mutual fund in the bud." Sayeed said. He said bureaucracy. unnecessary delay and wrong interpretation of laws were the main hindrances which delayed the Fund’s floatation.
"Due to this simple administrative delay, we suffered huge losses as it kept a huge amount of our funds idle, for which we are not responsible. Will we be compensated for the loss due to this delay?" Sayeed posed the question.
Sayeed said that most of the government departments but the Securities and Exchange Commission (SEC) were co-operative.
“Lack of transparency, efficiency and baseless suspicion by the SEC officials delayed opening of the subscription.” Sayeed said. He said AIMS first filed an application for floating the mutual fund on September 12 last year, but it hinged on
SEC delay.
He said the SEC suggestion for keeping AIMS out of the trust deed undermined its role even though the sponsors had agreed to invest their money knowing that the asset management company would play an important role in the Fund's management.
This was the fist major setback for us. Finally after two months, the SEC approved the trust deed on November 16," Sayeed said.
He said we faced another problem regarding the fixation of the trust deed registration fee under Trust Act. 1882. "But with the cooperation of the Law Ministry. we managed to get registered by getting full fee waiver."
"Subsequently. SEC gave registration to the fund on January 27. In the meantime. AIMS also received the Commission approval as an asset management company. But SEC kept on delaying approval for the mutual fund prospectus in the name of getting legal opinion."
The matter which could have been settled a year back, raised the question of weather AIMS could underwrite the fund. So we agreed to underwrite the fund without any fee. We are probably the only company in the world to’ have agreed to underwrite the fund without any commission." he said.
The SEC also objected to financial projection of the fund.
he said. But for the sak of transparency and accounts jil-ity. we decided to publish the projection with the prospectus.
But. we finally decided to back out when the SEC said that it would approve the prospectus with the condition of lock-In on the sponsors’ stake.
“We even drafted a letter to withdraw our application, but somehow the DSE Chairman Rakibur Rahman and CSE Chairman Amir Khosru Mahmud Chowdury cime to know about the grievances and took the matter before the Parliamentary Standing Committee on the Finance Ministry.
The prospectus of the Fund was finally approved an February 24 following the standing committee intervention.
Sayeed later appealed to the SEC tor removing the loopholes in the laws and paving the way for the much-needea mutual fund in the interest of the depressed capital market.
Sayeed later introduced the member of the trustee board.
The subscription of the fund begins today and will continue till March 26. Standard Chartered Bank will proride the custodian services while BGIC has consented to be the trustee.
The conference was also addressed by MA Samad. BGIC Chairman. Anisuzzaman. member of the trustee committee. and Arshadul Islam of Pangea Partners.