The Securities and Exchange Commission (SEC) says it will increase the minimum capital requirement for companies operating within the Capital Market by end of this year.
The companies in the capital market include Fund managers, mutual funds, unit trusts, broker-dealers and custodians.
Fund Managers for instance will have their present minimum capital of Ghc100,000 increased to Ghc2 million.
The move is to help sanitize and strengthen the capital market.
According to the SEC, legal processes are already underway to strike out provisions in the existing LI, (1728) which specifies the current minimum requirements.
“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,” Director General of the Securities and Exchange Commission, Reverend Daniel Ogbarmey Tetteh expressed.
As at December 2018, there were 140 fund managers, 35 mutual funds, 19 Unit Trust, 22
Total funds being managed by these organizations amounts to Ghc35 billion. Out of the figure, pension funds account for 30.5%. Collective investments schemes