State to remove ownership limits in stockbrokers, fund managers

The government has moved to remove shareholding limits for stockbrokers and investment banks in a bid to lure deep pocketed investors into owning and managing intermediary companies at the capital markets.

In amendments tabled in Parliament, the government is proposing the deletion of clauses in the Capital Markets Authority (CMA) Act which cap individual shareholding in stockbrokerages, investment banks, fund managers and derivatives broker at 33.3 percent.