Singapore regulators to issue consultation paper on tighter listing rules: source
SINGAPORE (Reuters) - Regulators in Singapore are planning to issue a consultation paper that will propose tighter rules for companies looking to list in the city-state, months after the stock exchange was hit by a penny stock scandal.
The Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) are exploring various proposals including an independent listing committee to vet some IPO applications, stronger enforcement powers for SGX and tighter rules on stocks that fall below a certain price, according to a source familiar with the review.
Singapore is one of Asia's leading financial centres, but its stock market has struggled recently, with a drop in trading volumes and "ultra penny stocks", which trade for as little at S$0.001, becoming some of the most actively traded shares.
That has prompted a string of commentary in local media calling for an overhaul of the city's market structure.