Application deadline for Yangon Stock Exchange service providers extended to 6 March

YSX(1)Yangon, 4 March—Companies vying to become service providers for the country’s first stock exchange now have until 6 March to submit their applications, following an extension of the deadline by the Office of the Securities and Exchange Commission of Myanmar in Yangon.
The commission extended the time limit following the expiry of the original deadline on 27 February for companies seeking permission to operate four kinds of services — underwriting, trading, brokerage and consultancy — at the Yangon Stock Exchange, which is set to open in October, an official told The Global New Light of Myanmar on Tuesday.
“So far there have been more than 100 applications for the four types of licenses,” the official said, adding that the commission is likely to announce the successful applicants in mid-April, either before or after Thingyan, Myanmar’s water festival that runs 13 to 17 April.
During a presentation on the Yangon Stock Exchange, Deputy Minister Dr Maung Maung Thein, who is also the commission chairman, revealed that an underwriter license covering all business areas requires a capital amount of K15 billion, while setting a K10 billion capital requirement for a dealer license, K7 billion for a broker license and K30 million for a consultant license.
Since 19 January, submission of applications has been open to companies planning to operate either independently or in joint ventures with foreign firms.
Following the enactment of the Securities and Exchange Law in 2013, Myanmar Economic Bank, owned by the Ministry of Finance and holding a controlling share of 51 percent, signed a joint venture agreement last December with Daiwa Institute of Research, with a share of 30.25 percent, and Japan Exchange Group, with 18.75 percent, to set up the Yangon Stock Exchange Joint-Venture Company Limited. —GNLM

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