Capital market bill soon<\/p>\n
JAKARTA (JP): Minister of Finance Mar'ie Muhammad is scheduled
\nto submit a draft of the long-awaited law on capital markets to
\nthe House of Representatives (DPR) next Wednesday.<\/p>\n
The draft of the capital market law is one of two bills which
\nwill be proposed by the minister next week. The other bill is on
\ncustoms and excise.<\/p>\n
The draft of the capital market law, which will replace the
\noutdated Capital Market Law of 1952, is expected to provide a
\nstronger base to ensure fair trading in the country's growing
\ncapital market.<\/p>\n
Bacelius Ruru, the chairman of the Capital Market Supervisory
\nAgency (Bapepam), said recently that Bapepam is expected to be
\nendowed with greater judicial powers by the new law.<\/p>\n
The draft of the capital market law will have 16 chapters and
\n123 articles.<\/p>\n
The present law is not only too brief but also too weak to
\ncover the rapid developments in capital market activities, Ruru
\nsaid.<\/p>\n
Another important aspect in the draft law is the inclusion of
\na legal base for the introduction of a book-entry settlement
\nsystem, Ruru said.<\/p>\n
Investors, under the book-entry trading system, or scripless
\ntrading as it is more popularly called, would no longer need to
\nkeep their share certificates as their stock holdings would
\nautomatically be booked on their electronic stock accounts, Ruru
\nsaid. (hen)<\/p>",
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"sponsor": "Okusi Associates",
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