Yangon – The Securities and Exchange Commission of Myanmar has already designated a five-year transition for Stock Exchange Certificates Market (SECM).
“It [period] may be increased or reduced. Under the transition period, SECM will be under the Finance Ministry. The expected transition period could be five years. But the period may be increased or reduced. At the moment, the process seems quite successful.
“Although there are some pending issues which we need to inform the Finance Ministry to get permission. But in accordance with the law, SECM is the SECM. The Finance Ministry needs to provide assistance to SECM. Currently, we need experience and we have weak points. If the Securities Exchange succeeds gradually, the current situation may change,” said Dr Maung Maung Thein, chairman of SECM.
The Union Parliament enacted the law of Stock Exchange Certificates in 2013.
The exchange will be established with a 51 per cent stake held by Myanmar Economic Bank and 49 per cent by Japan-based Daiwa Group and Japan Exchange Group. The bilateral agreement was signed last December.
It is learnt that the stock exchange market will be launched in October this year.
Source: ELEVEN MYANMAR