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Investors protest as SEC changes mutual fund rules

Star Business Report
Investors took to the streets yesterday to protest the stock market regulator's decision to modify the rules regarding mutual fund.
The protesters said the changes would affect the growth of mutual funds and also cast a negative impact on the overall market condition.
The Securities and Exchange Commission (SEO on Thursday decided on principle not to allow the mutual funds to increase their capital base through offering bonus or rights shares. The SEC also decided to bar new mutual funds from offering placement shares to existing mutual funds.
Placement of shares is the sale of a security to one buyer or 5 a few buyers, as opposed to R offering the security to the public through a group of dealers.
Yesterday, prices of all mutual funds started with a plunge at the beginning of the trading hour. After half an hour, at 10:30am, a group of general investors came out of the trading houses and staged a demonstration in front of the Dhaka Stock Exchange (DSE) building.
They chanted slogans against the SEC and demanded not to bar the mutual funds from offering bonus or right shares.
However, members of law
enforcing agency subsequently rushed to the spot and brought the situation under control.
" Mutual funds are considered as one of the risk-free investment tools and we also expect the funds to provide us bonus or right shares," said a protester, adding that they will have to face huge losses due to the changes.
The DSE authority suspended trading of AIMS 1st Mutual Fund at around 12 noon yesterday when its price fell by about 20 percent. However, trading of the mutual fund will resume today.
Trading of the remaining mutual funds also came to a virtual halt, as at one stage there was only selling orders with no buying orders.
A SEC official said all the mutual funds are 'close-end' funds, which mean no one can increase their capital base
through issuing bonus or right shares.
Meanwhile, price indices fell on the Dhaka Stock Exchange (DSE) yesterday.
The DSE General Index declined by 12.84 points, or 0.42 percent, closing the first trading of the week at 3011.62 points, while the DSE All Share Price Index fell by5.42 points, or 0.2 percent, finishing the day at 2592.42 points.