Purchase, Surrender & Transfer Procedures of Zenith Annual Income Fund - ZAIF

The Units of the Mutual Fund can be bought / surrendered through Zenith Investments Limited and authorized selling agents appointed by the Asset Manager from time to time and any other procedure as prescribed by the Asset Manager. Surrender of units is allowed only through Zenith Investments Limited or the selling agents from which the units are originally purchased.

Application Process

Application must be made by an individual (both resident and non-resident), a corporation or company (both local and foreign), a trust or a society (registered in or outside Bangladesh) and not by a firm, minor or person of unsound mind. Applications from the Insurance, Financial / Capital Market Intermediaries or any other Companies must be accompanied by Memorandum and Articles of Association.

Joint application by two persons is acceptable. In such cases, registration and issuance of “Confirmation of Unit Allocation” will be in favor of principal applicant while dividend and other benefits, if any, will be addressed to the bank account of principal applicant mentioned in the application form / bank account mentioned in BO account. In case of the death of any of the joint holders, only the survivor shall be recognized as having any title to the Units. On death of both the joint holders, the title to the units will bestowed upon the nominee mentioned in the application form.

Minimum Purchase Amount

For individual investors:

BDT 5,000.00 (Five Thousand Taka) against 500 units during IPO. The unit purchase price will vary depending on the NAV of the mutual fund.

For institutional investors:

BDT 50,000.00 (Fifty Thousand Taka) against 5000 units during IPO. The unit purchase price will vary depending on the NAV of the mutual fund.

The minimum subscription amount for the individual or institution may change in the future upon due approval from the trustee.

Purchase Procedure

Application for purchase of units should be accompanied by an account payee cheque / pay order / bank draft in favor of ‘Zenith Annual Income Fund’ for the total value of units.

After clearance / encashment of the cheque / pay order / bank draft, the applicant will be issued with a “Confirmation of Unit Allocation” against every purchase of units he / she / the institutional investor applies for; the units will be delivered to the unit-holder’s BO A/C.

Surrender Procedure

Partial surrender (fraction of total units held under a Unit Allocation Confirmation) is allowed without any additional cost subject to minimum surrender quantity is 500 (Five Hundred) units for individuals and 5,000 (Five Thousand) units for institutions. Upon partial surrender, the unit-holder will be issued with a new “Confirmation of Unit Allocation” representing the balance of his / her / its unit holding.

Full surrender of units is also allowed without any additional cost. For both, partial and full surrender, investor must submit surrender form to Zenith Investments Limited and submit CDBL transfer form to respective brokerage house.

Redemption Procedure

Dividend will be delivered in cash or by way of units under Cumulative Investment Plan (CIP) as the applicant gives option in the application form.
All payments / receipts in connection with or arising out of transactions in the units shall be in Bangladeshi Taka.
The redemption shall be made on first come first serve basis. If the redemption request on a particular day exceeds 1% of the outstanding unit, the Asset Manager may differ, if required, the redemption request over 1% for a maximum period of 7 (seven) working days. The Asset Manager shall proceed to sell adequate assets and / or arrange loan as it deems fit to pay the surrender money within the stipulated time in the best interest of the unit-holders.

Purchase Process

Surrender Process