It is learned that Emirates Security Market or shortly called ESCA have decided to allow foreign Financial firms licenses to act as consultants and analysts to operate in UAE. This is a positive step to protect the Financial Markets here & lure foreign funds. It means the bourse is expected to perform well in 2008-2009.
However, Esca stressed that the new licensed companies will refrain from activities that may harm the markets or the dealers. Companies would be banned if and when exporting offerings or issuing financial consultancies relevant to certain commodities and securities that would conflict with or contradicts the consultancy service given
This decision will ensure a healthy environment to issue highly credible and transparent studies, especially after the increase in reports with some discrepancies. The analytical studies of companies will help investors know the real value of shares to make correct decision to buy or sell.
The new regulations will be effective within four months time frame allowing all parties to coordinate with the central bank, stock markets and the brokers. The Companies providing forecasts and analysis must be owned 51% by UAE national with a minimum paid up capital of Dh1 million. This new legislation is expected to fortify the framework of UAE stock markets. The licenses for companies and individuals are renewable and have a duration of one year that would terminate by the end of December of each year.It expected that new law will boost the performance of the markets by and large.
Dr Altaf Hossain is a freelance article writer. You may know here a village girl's destiny in an Indian TV serial Dulhann.com-Bano Mein Tere Dulhann Aslo you may read his blogs:MakeMoneywithoutSpendingDime.blogspot.com
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