Banks Barred From Managing Investment Funds
Following a directive issued by the board members of Securities and Exchange Organization for all financial entities under its supervision, banks and non-bank credit institutions are barred from holding management positions in investment funds.
According to the directive, banks and credit institutions that are managing investment funds need to take the necessary measures to transfer the responsibility as soon as possible to other parties not barred by the directive, the official news website of the Central Bank of Iran reported. This is while banks and credit institutions are also not allowed to offer any kind of services to investment funds, such as distributing their forms to applicants and accepting money for accounts of investment funds.
source: Financial Tribune
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