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Small listed firms must switch to Hanoi
Companies with registered capital of less than VND80 billion (US$4.8 million) that are presently listed on the HCM City Stock Exchange are required to move their listing to the Ha Noi Securities Trading Centre as of January 1.
Under Decree 14/2007/ND-CP, all companies on the HCM City exchange must have capital of at least VND80 billion, while those listed on the Ha Noi bourse must have at least VND10 billion (US$600,000).
The previous requirements were VND10 billion for HCM City and VND5 billion ($300,000) for Ha Noi.
Currently, over 40 companies on the HCM City Stock Exchange have registered capital of less than VND80 billion.
Those with registered capital of less than VND10 billion would also not qualified to list at the Ha Noi Securities Trading Centre and have to trade on the over-the-counter (OTC) market.
State Securities Commission Chairman Vu Bang said that the commission had reminded securities exchanges and centres to follow the regulations.
The decree also requires securities companies to have a registered capital of at least VND300 billion so that they can sufficiently cover the risk of providing brokerage, underwriting and other securities services.
Securities companies which did not meet the requirements would have their licences revoked, Bang said.
VNS
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