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Wednesday, December 8th, 2021

Conversion of Al Meezan Mutual Fund Limited into an Open End Scheme

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Karachi: This is to continuation of our letter # AMMF/11/288 dated July 15, 2011. For information, we enclosed herewith SECP’s letter # SCD/NBFC/MF-RS/AMMF/211/2011 dated May 9, 2011, giving No Objection to the conversion of Al Meezan Mutual Fund Limited (AMMF) from a closed end fund to an open end Scheme.

Securities and Exchange Commission of Pakistan Specialised Companies Division

Conversion of Al Meezan Mutual Fund Limited (AMMF) into an opened scheme – Application in terms of Regulation 65 (3) of the NBFC and NE Regulations, 2008.

Please refer to your letter dated April 29, 2011 on the captioned subject.

I am directed convey that the Securities and Exchange Commission of Pakistan has no objection to the conversation of Al Meezan Mutual Fund Limited (a Closed – end Fund as Investment Company) into an Open – end Scheme in terms of Regulation 65 (4) of the NBFCs and NEs Regulations, 2008, subject to the following conditions:

1. Conversion cost shall not be amortized rather it shall be charged to the fund immediately on the effective date of conversion.

2. The AMC shall comply with all the relevant laws / by – laws applicable on Investment Company regarding its conversion and subsequent winding up / dissolution and submit a detailed and comprehensive procedure to be followed.

3. As the find shall be in trust structure, the management company shall submit constitutive documents for the approval of the Commission and comply with all other relevant regulations before announcement of Book Closure date for the purpose of effective date for conversion.

4. The AMC shall immediately upon transfer of all the deposited property / assets and liabilities along with allied balances to the trustee, appoint auditors (other than the existing auditors of the AMMF, custodian of fund and AMC) from amongst the panel of auditors designed as “A” category by State Bank of Pakistan. The auditors so appointed shall report that all the documents, recorders, assets, liabilities, allied balances in AMMF on effective date are accurately and properly transferred to the trustee by the custodian and AMMF is a defunct company. The report of the audit shall be submitted by the AMC to this office within 30 business days from the appointment of auditors.

The above said conditions shall be properly disclosed to the certificate holders as well as to the trustee of the Fund before conversion into an Open-end Scheme.

For more information, contact:
Zeeshan R. Khattak
Deputy Director
Al Meezan Mutual Fund Limited
Ground Floor, Block ‘B’, Finance and Trade Centre,
Shahrah-e-Faisal, Karachi 74400,
Tel: (92-21) 563 0722-26
Fax: (92-21) 563 0808


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