JSX suspends securities firms

JSX suspends securities firms

JAKARTA (JP): The Jakarta Stock Exchange (JSX) said it had
suspended the license of three of its members last week, as they
failed to meet minimum working capital requirements.

The JSX's membership director Umar T. Laksana said PT Dharmala
Securities, PT Arya Shinta Sekuritas, and PT Indofinancia Pratama
had been suspended.

"We have suspended their membership at the Jakarta Stock
Exchange," Umar told reporters in a press meeting.

He said the JSX required each member to show a reserved
working capital of at least Rp 5 billion (about US$530,000).

The three securities firms were among eleven firms that JSX
had threatened with suspension due to insufficient reserves.

Umar said that the other eight firms had sought additional
funds from existing shareholders and new investors.(bkm)