The Securities and Exchange Commission has directed the Tibayan Group to explain why it should not be held liable for violating Section 22 of the ICA which provides that no registered investment company shall sell a security at a private different from the one declared in its prospects.
The SEC has also asked the Tibayan Group to inform the agency where the fund’s NAVPS is being published.
Rule 35-1 of the ICA requires mutual fund companies to compute and publish their daily net asset value per share in at least two newspapers of general circulation.
The NAVPS is calculated daily and is determined by dividing the total value of the fund’s assets less its liabilities by the total number of shares outstanding.
The Tibayan Group seeks to attain highly-term total return from interest, dividends and capital gains by investing in a mix of equity and fixed-income securities of Philippine corporations and government available in the financial market.
It was incorporated with an authorized capital stock of one million common shares with a par value of P100 per share.