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Prime Finance’s second mutual fund approved

  • Published at 12:09 am November 9th, 2016
Prime Finance’s second mutual fund approved
As per the draft prospectus, the face value of the Fund will be Tk10 each unit. Of the total fund size, sponsors will contribute Tk20 crore and remaining Tk30 crore will be collected through sales of units. Meanwhile, the securities regulator fined CMSL Securities Tk2 lakh and Salta Capital Tk5 lakh for breaching securities rules. CMSL was fined as it provided margin loan and netting facilities to the junk companies and showed confusing statistics about net capital balance. Salta Capital faced penalty as its some customer accounts had shortage of fund, triggered short-sale and gave special facilities to some of its customers. The commission also decided to issue warning letters to two brokerage firms—Arena Securities and Haji Ahmed Securities—for violation of securities rules. The regulator found that Arena Securities showed negative balance in one of its relatives BO account, provided money to some of its clients despite shortage of funds in their respective accounts and issued loan to non-imaginable securities, according to the statement. Haji Ahmed Securities was warned as it provided additional margin loan beyond regulatory limit, issued loan to non-imaginable securities and withdrew Tk3 crore from its customer accounts.