The sports category has moved to a new website.

Ghana’s Securities and Exchange Commission to increase the capital requirement for capital market operators

The Securities and Exchange Commission (SEC) has disclosed that it will increase the minimum capital requirement for companies operating within the Capital Market by the end of the year.

Director General of the Securities and Exchange Commission, Daniel Ogbarmey Tetteh

The companies include Fund managers, mutual funds, unit trusts, broker-dealers, and custodians.

The Director General of the SEC Reverend Daniel Ogbarmey Tetteh said the fund managers, for example, will have their present minimum capital of Ghc100,000 increased to Ghc2 million.

He added that this move is to help sanitize and strengthen the capital market.

He also indicated that the legal processes to strike out provisions in the existing LI, (1728) which specifies the current minimum requirements are already underway.

ADVERTISEMENT

“I am very hopeful that we will come out as soon as possible. Because we started having this conversation way back in 2018. We did the market engagements, concluded with all the relevant stakeholders.”

As at December 2018, there were 140 fund managers, 35 mutual funds, 19 Unit Trust, 22 broker-dealers, two securities exchanges, 16 custodians, 15 primary dealers, five trustees, four registrars, five issuing houses, nine investment advisors and one venture capital fund operating in the country.

Total funds being managed by these organizations amounts to Ghc35 billion. Pension funds make up 30.5% of the total sum. Collective investments schemes is 8.5% while managed accounts is 61%.

34% of the funds managed by the companies are held in government bills and bonds while 12% is being invested in listed companies. The remaining funds are spread across banks.

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

10 African cities with the highest crime index at the start of 2024

10 African cities with the highest crime index at the start of 2024

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Diwali 2022: Is Monday a public holiday in Kenya?

Diwali 2022: Is Monday a public holiday in Kenya?

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Details of Ngina Kenyatta's luxurious restaurant

Details of Ngina Kenyatta's luxurious restaurant

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

10 African countries with the strongest military power in 2024

10 African countries with the strongest military power in 2024

ADVERTISEMENT