• Short Summary

    The Singapore government has set up a watchdog committee to police the Stock Exchange.

    It's officially?

  • Description

    The Singapore government has set up a watchdog committee to police the Stock Exchange.

    It's officially called the Securities Industry Council and has been welcomed by Singapore investors. The Council's main job will be to protect investors and see that new companies have adequate capital and growth potential to be listed on the Exchange.

    The Council will be directly responsible to the Minister of Finance, Mr Hon Sui Sen.

    The decision to set it up followed a warning by Prime Minister Lee Kuan Yew in March 1970, that the government might have to intervene, in the Singapore Stock Exchange, At the time he described the Exchange's committee as "the saddest example of the weakness of functional group leadership". He said the committee had shown "singular lack of discipline, responsibility or strength".

    SYNOPSIS: In Singapore, the government has appointed a special committee to police the Stock Exchange. It's the Securities Industry Council... seen here in session. The Council will be responsible to the Finance Minister and its establishment has been welcomed by investors.

    Under its charter, the Securities Industry Council will try to protect the investing public and see that new companies have adequate capital and sufficient growth potential to warrant listing on the Stock Exchanges. It will advise the Minister on all matters concerning the exchanged industry, recommend action against unlawful trading and approve applications from companies which want to raise money on public issue. As long ago as March, nineteen-seventy, the Prime Minister Mr Lee Kuan Yew warned that the government might have to intervene in the affairs of the Exchange. He said at the time that the Stock Exchange's Committee was weak, undisciplined and was lacking in responsibility.

  • Tags

  • Data

    Film ID:
    VLVA248VEB0DKGZPBHCI2NAQ2IAGD
    Media URN:
    VLVA248VEB0DKGZPBHCI2NAQ2IAGD
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    14/01/1973
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:01:04:00
    Time in/Out:
    /
    Canister:
    N/A

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