Mutual fund units to be sold through agents

The authorities concerned have taken an initiative to create licensed sales agents of mutual fund units to popularise such funds in the country.

The Bangladesh Institute of Capital Market (BCIM) on Thursday announced the launch of "Licensed Mutual Fund Selling Agent Programme" for this purpose.

Anyone who completes the course can work as a mutual fund sales agent and sell mutual fund units of as many fund managers as he wants, said the officials concerned at a press conference at the Institute of Capital Market's auditorium yesterday.

Professor Dr Mahmuda Akhter, executive president of the Institute of Capital Market, said, "Mutual Fund Rules 2001 clearly mentions that those who complete courses in relevant subjects from BICM can work as mutual fund selling agents. For this purpose, BICM has taken the initiative to launch the 'Licensed Mutual Fund Selling Agent Course'."

She said the programme is divided into nine modules, which will be completed in four to nine days. It will be finalised after getting the participants' response in this regard. The classes will be held at the Institute of Capital Market and 15 students will be allowed to participate in each batch.

The course fee will be Tk12,000 in general, but the participants of the first three batches will enjoy a 50% discount. There will also be a special discount for group registration. Scholarships will be given to those who are experienced and already in this or related professions.

"The complete curriculum of the course has been developed through several processes, which was approved by the organisation's board of directors. In this way, we could ensure that the curriculum is practical and realistic," said Dr Mahmuda Akhter.

Those who would pass the course exam will get the "Licensed Mutual Fund Selling Agent" certification from the Institute of Capital Market, which will be valid for three years. After that period, a selling agent has to take a renewal test and pay a fee every two years to renew his licence, she added.