SC grants Equitiestracker’s unit fund management licence

KUALA LUMPUR: Equitiestracker Holdings Bhd’s wholly owned subsidiary, ET Smart Wealth Sdn Bhd (ETSW) has received approval from the Securities Commission (SC) for its application for a capital markets services licence for the regulated activity of fund management.

In a filing with Bursa Malaysia, Equitiestracker said the approval was subjected to several conditions including the appointment of a licensed director, two licensed representatives, one compliance officer and increasing its paid-up capital and shareholders’ funds to a minimum of RM2mil within six months.

The company also have to contribute to the Capital Market Compensation Fund in accordance with the Capital Markets and Services (Capital Market Compensation Fund)(Contribution) Order 2012.

“The CMSL would enable the company to further expand its business to include the complementary fund management business which would create an additional income stream for the company and its subsidiaries and thus, is expected to contribute positively to the future earnings of the group,” it said.

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