57 security companies bid for Myanmar's stock exchange service provider licenses

Fifty-seven private security companies have so far bid for service provider licenses for establishing Myanmar's first ever stock exchange in Yangon, according to the Securities and Exchange Commission on Friday.

The commission, chaired by Deputy Finance Minister Dr. Maung Maung Thein, has started inviting applications for service providers for the establishment since Jan. 19.

The commission has announced granting four kinds of services licenses -- underwriters, dealers, brokers and consultants, prescribing different levels of capital requirement for each.

Specifically, a license for underwriting requires 15 billion Kyats (15 million U.S. dollars), for dealing 10 billion Kyats, for brokerage 7 billion Kyats and for consultancy business 30 million Kyats as paid-up capital.

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

Myanmar has been making progress in preparation for launching the country's first ever stock exchange market in Yangon scheduled for Oct. 1 this year in joint venture with two Japanese firms.

Under an agreement signed in Nay Pyi Taw, the Yangon Stock Exchange Joint Venture Co. Ltd will be set up in partnership among Myanmar Economic Bank (MEB) sharing 51 percent, Japan's Daiwa Institute of Research Ltd 30.25 percent and Japan Exchange Group 18.75 percent. Endi