A trustee in a fund is a legally appointed entity, as per the Bangladesh Securities and Exchange Commission notification dated June 22, 2015, responsible for safeguarding and managing the fund’s assets on behalf of beneficiaries. They ensure adherence to the fund’s objectives and act in the best interests of beneficiaries while maintaining transparency and compliance with relevant regulations. This legal framework underscores their crucial role in upholding fiduciary standards and ensuring the prudent management of entrusted assets.
Issuing authority
Name : Bangladesh Securities and Exchange Commission (BSEC)
Address : Securities Commission Bhaban, Plot: E-6/C, Agargaon, Sher-e-Bangla Nagar
Administrative Area, Dhaka-1207
Email : secbd@bdmail.net
Website : www.sec.gov.bd
Required list of all documents
- Application as per the Schedule E, Rule 14(2)1
- Certified copy of Memorandum and Articles of Association; [Certified copy]
- Certified copy of particulars of directors; [Certified copy]
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- Certified copy of certificate of incorporation and certificate of commencement of business; [Certified copy]
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- Certified copy of return of allotment of shares, or annual summary of share capital; [Certified copy]
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- Copies of Licenses for the applicant’s core business; [Copies]
- Latest audited financial statements; [Certified copy]
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- Resolution of the board of directors deciding to act as Trustee to the Fund; [Certified copy]
- An affidavit containing the declarations of rules 14(3)(e), (g) [Certified copy]
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- Description of manpower and logistic support/infrastructure to discharge its duties as a trustee; [Certified copy]
- Bio-data of the Chief Executive Officer and Compliance Officer [Certified copy]
- CIB undertakings
- Trust deed [Draft]
- (Name, signature with date and stamp of the Chief Executive Officer)
Step by step all process
Step 1 Application with Eligibility Evaluation: The Trustee shall submit an application for registration to the Commission as per Schedule ‘E’, accompanied by required information, documents, and the application fee. The Commission evaluates the fulfillment of eligibility criteria for the Trustee.
Step 2 Examination and Registration Approval: Upon receipt of the application under sub-rule (2), the Commission examines it. If satisfied that all requirements are met, as per Schedule ‘F’, the Commission may approve registration within 30 days.
Step 3 Additional Requirements and Registration: If all requirements are not fulfilled, the Commission may direct the applicant to comply within 25 days. Upon fulfillment, registration may be approved within 30 days thereafter.
Step 4 Payment of Registration Fee: Upon approval of registration, the Trustee shall pay a registration fee of BDT 25,000.00 within fifteen days via bank draft or payment order to the Bangladesh Securities and Exchange Commission.
Fee schedule
Trustee application fee BDT10,000.00
Registration fee BDT 25,000.00
Official time limit
Within 20 (Twenty) days of receipt of the application
Actual time limit