Golden Jubilee Mutual Fund will give good returns to investors: BSEC chairman

The Golden Jubilee Mutual Fund has been set up with unclaimed dividends of investors and people will get good returns by investing in this mutual fund, said Shibli Rubayat-Ul-Islam, chairman of the Bangladesh Securities and Exchange Commission (BSEC).

"The management of this mutual fund has been designed in such a way that the fund would never decrease rather increase gradually. So, investors can expect good returns," the BSEC chairman said at a programme titled "Outcome of Result Oriented ICT Workshop and Inauguration of Golden Jubilee Mutual Fund" recently organised by the Capital Market Stabilisation Fund.

He further said that mutual funds play the biggest role in the stock market all over the world and the commission is working to boost the enthusiasm of the general public towards the mutual funds of the country.

"After we took the responsibility in May 2020, the first complaint we received was that investors do not receive dividends. We sent letters to companies asking about the dividends. Later, it was revealed that dividends worth Tk22,000 crore are with the companies," Shibli added.

The funds have been created with the undisbursed dividends the companies had, known as Capital Market Stabilisation Fund. So far, about Tk500 crore has been deposited in this fund. If this money can be used with a government agency, then the liquidity crisis in the capital market will be alleviated, he further said.

ICB Asset Management would be the issue manager of the closed-end mutual fund which will be named "Golden Jubilee Fund" to celebrate 50 years of Bangladesh's independence. The sponsor would provide Tk50 crore to the fund while investors would subscribe to its public offers to make the fund bigger. Later, the fund would be traded in the bourses.

Posts and Telecommunications Minister Mustafa Jabbar was present as the chief guest at the programme presided over by Nojibur Rahman, chairman, Golden Jubilee Mutual Fund.