Pray – and it may be answered
Besides a host of other measures to stimulate demand, such as boosting the Grant for Equity Markets Singapore (GEMS) scheme first introduced in 2019 under my watch, the review group also promises to shift our regulatory philosophy and structure from merit-based towards real disclosure — subject to further public consultations.
Following our first speculation last June, it finally happened. On Feb 21, the Equities Market Review Group, which many had eyed with scepticism when formed two months later, unleashed a whole salvo of market revival measures. It is “not just one silver bullet because there isn’t one” and it is meant to be “comprehensive, holistic”, declared Second Finance Minister Chee Hong Tat, who chairs the group.
The review group, which engaged a broad section of stakeholders, initially promised to complete its work in a year. Instead, it came out with a $5 billion bang in just half a year, to be allocated to fund managers eager for a share of this mandate to invest in smaller local stocks.
