Jan 19 2011 |
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New bourse rules to revive trading
The exchange operator Nasdaq Dubai has unveiled a host of new rules governing initial public offerings (IPO) and the way listed firms release information as it seeks to boost liquidity and draw in more traders.Among the raft of new rules is the requirement that any new IPOs need to have at least 400 unique shareholders or hold at least ten per cent of the offering for retail investors.
In addition to that, listed firms will also have to start providing investors with quarterly reports of their results rather than the current standard of half-yearly updates.
The bourse has been fighting to increase trading volumes since it was created in 2005.
Jeff Singer Nasdaq Dubai 's chief executive said yesterday: "These proposals would bring new dynamism to our market by ensuring IPOs have a broad investor base from day one and can be easily bought by individual and other investors after listing. We are also proposing new and more flexible rules aimed at attracting family firms small and medium enterprises.
The changes would promote economic activity...create investment opportunities."
The new rules are subject to a 60-day public consultation period before they come into force.
© 7Days 2011
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