KLSE Executive Chairman Dato' Mohd Azlan Hashim said the review, in consultation with Securities Commission, will be a major contribution towards balancing industry competitiveness, industry costs and practitioners' operational concerns.
Mohd Azlan said the KLSE is finalising changes to its rules to effect a comprehensive review for dealers and remisiers for the: abolishment of transfer interviews and abolishment of 7 days waiting period for transfers.
In terms of transfer fees, there will be a reduction in transfer fees for dealers whilst for remisiers, the determination of who to bear the transfer fees will be decided between the remisiers and stockbroking companies.
The monthly subscription fees for dealers and remisiers will also be abolished on 1 July 2001 along with stage two (2) of the Securities Commission's implementation of framework for the reduction in transaction costs.
Mohd Azlan was speaking at the launch of the Investors' Week 2000 - a five day event beginning 12 September 2000 until 16 September 2000 offering a range of programmes and activities with the objective of promoting investing based on information and fundamentals.
During Investors' Week 2000, the events and activities offered are intended to make investors better informed, to develop better investors and to continue building the industry for long term competitiveness.
Mohd Azlan said that the effort in making the securities industry competitive in managing cost and enhancing efficiency has not been without challenges.
"Collectively, however, the industry has made a joint decision in moving quickly forward, by reducing cost of securities transaction.
"This is a significant effort in closing the gap, both real and perceived, between Malaysia and other securities' markets, reputed to be more competitive than Malaysia, " he said.
Mohd Azlan said in taking the effort to enhance investor information facilities and resources, to promote investor education and to ensure industry competitiveness, there are opportunities that investors can capitalise on.
"Fundamentals are improving and thus far sustained, the capability to invest based on accurate and timely information is here. Opportunities abound.
"Investors are strongly encouraged to participate in as many programmes and activities as possible during Investors' Week 2000 to discover even more informed investing opportunities," Mohd Azlan added.
Investors' Week 2000 has been planned to be a comprehensive event covering all aspects of the securities industry. The event provides a significant opportunity for public listed companies to enhance their investor relations efforts. Briefings by public listed companies will cover the major sectors on the KLSE namely, the plantation, finance, construction, trading/services, technology, industrial products and consumer products sectors. Exhibitions by Kuala Lumpur Options & Financial Futures Exchange Bhd (KLOFFE), Commodity and Monetary Exchange of Malaysia (COMMEX), Securities Commission and BERNAMA - will offer interesting insights into the role of related exchanges, regulators and information vendors in promoting informed investing.
The whole family will have a chance to win attractive prizes by participating in quizzes and contests, which will be held in conjunction with the Week. In addition, the Saturday programme will have a host of activities lined up for the whole family, from children's events to career talks and much more. Undoubtedly, this is the best time for the whole family to spend time together whilst learning about the benefits of informed investing.
With the main aim of helping to promote an understanding of the Malaysian stock market and to inculcate the value of informed investing, KLSE warmly welcomes members of the public to its inaugural Investors' Week 2000.
