CAIRO: Sharif Sami, head of Egyptian Financial Supervisory Authority (EFSA) announced Thursday that the Advisory Committee for Capital Market sent its recommendations to EFSA in order to be reshuffled.
The committee discussed in its meeting Wednesday evening the proposed regulations for the index funds.
Such regulations will allow brokerage companies to run activities of market makers and allocate 10 million EGP ($1.44 million) for this sake. A market maker functions as a bank or brokerage company that stands ready to purchase the stock shares for its clients in return for ratio of gains.
The proposed regulations define a maximum rate for index funds of 50 times of its capital and minimum rate of 10 million EGP, Sami said.