Responding to the dispatch from the Vietnam Association of Finance Investors (VAFI), which asked the Securities Depository Centre (SDC) to provide necessary information, the State Securities Commission said that SDC did not have this responsibility.
In early June 2007, VAFI sent a document to SSC, asking for the establishment of a suitable scheme on information providing and equitisation of SDC to improve the operation of the centre.
VAFI asked SDC to provide information periodically about the numbers of domestic and foreign investors, and a list of domestic and foreign institutions participating in the stock market. It also proposed the issuance of a monthly list of foreign institutions present in Vietnam (foreign investment funds and fund management companies), and a list of foreign institutions not present in Vietnam but participating in Vietnam’s market.
However, SSC stated that the kind of information VAFI asked to be provided is not within the control of SDC.
Regarding the complaints by VAFI that it took too much time to deposit securities at SDC, SSC said that there were many reasons for the tardiness, and SDC should not be seen as the only faulty body. Tardiness will occur when depository members do not submit the list of investors to SDC on time.
SSC said that the management authority was trying to simplify depository procedures. Investors now can bring the books certifying stock ownership to depository members to deposit securities. The members will then send the list of securities owners to SDC. Investors now do not have to get confirmation from securities issuance institutions any more.
In related news, the recent meeting between SSC and securities companies still did not see a decision on the exact day for applying the real-time order matching scheme. The biggest challenge now is the low readiness of securities companies for the application due to technical problems.
Source: VNE
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