Mumbai: “Anil Ambani-promoted Reliance Capital Asset Management company has been given approval to commence operations in Malaysia,” a top official of the Securities Commission, Malaysia, said.
“The permission to Reliance Capital Asset Management company for beginning operations in Malaysia was granted by the authorities two days ago,” Securities Commission, Malaysia, Chairperson Zarinah Anwar said at the India-Malaysia Capital Market Forum.
The day-long forum held in Mumbai is being jointly organised by Securities Exchange Board of India (Sebi) and Securities Commission of Malaysia.
“Several Indian joint ventures in power, railways and construction sector are active in Malaysia, and India is a key market for Malaysian construction industries,” she said.
“However in financial and capital market, there is no cross-border participation in investment,” Anwar said.
“Certainly this is not reflecting existing trade and direct investment relationship between India and Malaysia,” Anwar said, adding: “There surely must be untapped opportunities for both capital market players, providing lot of scope for Indian participation in Malaysia and vice-versa.”
“One of the most important market segments in Malaysia is the bond market which has been established for financing corporates. It also emerged as the largest current bond market in the South East Asian region,” Anwar said.
“Also, one of the fastest growing segments of the Malaysian capital market is our investment management industry which has witnessed 20% of growth rate,” Anwar said.
Meanwhile, Sebi Chairman C.B. Bhave in his inaugural address said: “Both Sebi and Securities Commision, Malaysia, can promote linkage between our financial sectors, capital markets and cross-border investment participation.”