The capital market regulator has approved the draft prospectus of a Tk50 crore open-ended mutual fund – PLI AML 1st Unit Fund.

"The go-ahead came at the 856th meeting of the Bangladesh Securities and Exchange Commission (BSEC) Wednesday. BSEC Chairman Professor Shibli Rubayat-ul-Islam presided over the meeting," Mohammad Rezaul Karim, BSEC executive director and spokesperson, told UNB.

The sponsor of the mutual fund is Popular Life Insurance Company which initially invested Tk25 crore, and the remaining Tk25 crore is open for the general investors.

The face value per unit of the fund is Tk10; PLI Asset Management is the fund's asset manager while ICB Capital Management is its trustee. Brac Bank will act as custodian of the fund.