DHAKA: The hugely expected AIMS First Mutual Fund is going to resume its dealing Sunday, following a four-month halt at the dictate of the Securities and Exchange Commission (SEC), the stock-market regulator.
The trade of AIMS First Mutual Fund remained stopped since March 29 to June 30.
Amid a barrage of criticisms from different business groups, SEC approved the dealing of AIMS First Mutual Fund on Wednesday afternoon in a meeting at its’ Jibon Bima tower office.
“The commission has already given directive to Dhaka and Chittagong stock-exchange authorities to take necessary steps in this regard,” a SEC official told banglanews24.com.bd after the meeting.
Anwarul Kabir Bhuiyan, Executive Director of the SEC, said, “AIMS might be open Sunday.”
The capital-market watchdog had “violated its own regulations” by barring the AIMS trading, experts said, citing the provisions of the ordinance 1969 that had been breached in keeping AIMS on hold for an additional time.
According to the section 9(7) of the law the commission can postpone any company’s share trade assigning a definite cause for the sake of investors.
And, in accordance with the section 9(8), the commission can halt any listed institution’s share for maximum 14 days. Later, if the commission wants to extend the suspension period, it can do that for more 14 days.
But the commission cannot go for a consecutive 3rd-time extension of the halt, the stock-market analysts said.
BDST: 1216 HRS, JULY 1, 2010