KARACHI, July 24: The Securities and Exchange Commission of Pakistan (SECP) confirmed on Thursday evening that the “Market Opportunity Fund” would be launched on Friday.

A press release by the apex regulator stated that the fund would be launched under the management of National Investment Trust (NIT).

The SECP said that a meeting was held at its Karachi Office on Thursday, attended by representatives of SECP, KSE and financial institutions. The objective was to “finalise the mechanics and to obtain firm commitments for the proposed Market Opportunity Fund from participating institutions,” the press release said.

The SECP observed that it was pleased to inform that agreement had been reached on all modalities and the fund would be launched on July 25, under the management of NIT.

APP adds: Meanwhile, NIT Chairman Tariq Iqbal Khan has said the special fund that had been established for the market would be converted into open-ended fund after issuing the units.

Talking to a private TV channel, Mr Khan said that sales right of units would be given to investors to give them protection.