Myanmar invites service providers for first ever stock exchange in Yangon

Myanmar is inviting applications for service providers for its first ever stock exchange to be established in Yangon, setting Feb. 27 as the deadline for submission of applications, according to the Securities and Exchange Commission on Sunday.

The commission will grant four kinds of services licenses -- underwriters, dealers, brokers and consultants, prescribing different levels of capital requirement for each, said the commission chairman U Maung Maung Thein, who is also deputy finance minister.

A license for underwriting, which tops the requirement, will also be granted to operate in other three business areas, he said.

The winners for the service licenses are expected to be announced in mid-April.

Myanmar's first Yangon Stock Exchange Market, scheduled to be launched in October this year under an agreement signed in December last year, will be run by a joint venture company with Myanmar Economic Bank holding 51-percent stake and two Japanese firms -- Daiwa Institute of Research Ltd and Japan Exchange Group - - sharing 30.25 percent and 18.75 percent, respectively.

The Finance Ministry said business firms listed on the Yangon Stock Exchange will be able to collect capital for long-term investment while people can buy and sell shares in those firms.

Myanmar has been making efforts to introduce capital market for economic growth of the country, joining the Financial Services Agency (FSA) and the Japan International Agency (JICA).

Myanmar enacted the Securities and Exchange Law in July 2013 and related rules and regulations are being added. Endi