Finance Ministry Approves Scheme on Managing OTC Market
Deputy Minister of Finance Tran Xuan Ha has approved the scheme on management of over-the-counter (OTC) market, Vietnam Financial Times said.
The State Securities Commission is requested to guide Hanoi Securities Trading Center (HASTC) and Securities Depositary Centre to carry out the decision.
The shares on OTC market will be deposited and granted codes at securities companies. Investors will carry out their transactions through stock brokers based on their accounts opened there.
HASTC will build an information agency, which will be in charged of collecting information about transitions on OTC market.
The new scheme will be piloted in some securities firms, financial institutions and insurance firms, then officially applied for all public companies in early 2008, the SSC said.
SSC will allow remote transactions, which aim to create more favorable conditions for investors, said Vu Bang, chairman of the SSC.
SSC said over 600 companies have sent files for registering public companies. However, the number of companies completing the registration procedures remains modest. (Vietnam Financial Times)
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