Guidelines issued: SECP to strengthen funds governance

SECP said an asset management company managing the mutual fund is responsible for conducting and chairing the meeting

ISLAMABAD: In pursuance of the concept of unit holders’ meeting introduced through an amendment to the regulatory framework, the Securities and Exchange Commission of Pakistan (SECP) has issued detailed requirements and procedures for convening meeting of the unit holders of open-end and closed-end mutual funds through a circular, which is available on its website. According to a press release, the SECP said an asset management company (AMC) managing the mutual fund is responsible for conducting and chairing the meeting. The trustee of the mutual fund is required to attend every meeting of unit holders and is responsible to ensure that all regulatory requirements are complied with.

Published in The Express Tribune, June 12^th, 2012.