In the light of the continuation of the floor placed by the stock exchanges and the lack of volumes and price fixation, it is not possible to calculate true NAVs of equity funds, Shamshad Nabi, CEO of Mutual Funds Association of Pakistan (Mufap) said.
According to a press release issued here on Tuesday, the Mutual Fund Association (MFA) after due deliberation had requested the Securities and Exchange Commission of Pakistan (SECP) to intervene so as to ensure that the interest of all unit holder of open-end schemes exposed to equity investment are protected from arbitrage and incorrect pricing.
To protect the interest of unit holders, the SECP has exercised its powers under Section 282 D of the Companies Ordinance, 1984 and directed all AMCs managing Open-ended Schemes with direct exposure to equity securities to suspend pricing, issuance and redemption of units of Open-ended Schemes with direct exposure to equity securities immediately.-PR
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