Authorities have yet to set up a Securities Exchange Commission, despite suggestions that the watchdog necessary for the stock exchange planned for next year would be established last month, leaving economists disappointed.
According to the Securities Exchange Law passed at the end of July last year, the SEC must be created to monitor transactions on the planned bourse.
The SEC is also responsible to implement the SE Law. Japanese experts advising officials on the establishment of a new stock exchange previously said the SEC would be launched by July, while government officials have denied talk that the bourse will be delayed.
“The stock exchange has not been stalled, progress is steady. The SEC is also on its way. We’ve submitted the proposal. I think it will be passed next month,” Maung Maung Thein, deputy minister of finance, said in May.
The SEC should be set up as soon as possible to prevent the public from being cheated or misled in share sales, experts say. Companies are also required to get permission from the SEC before they can sell shares on the upcoming exchange.
Source: ELEVEN MYANMAR