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Thursday, October 1, 2009

Pefindo reference price value does not match the Bapepam-LK rules

as published in Bisnis Indonesia daily newspaper
Thursday, 01/10/2009

Pefindo reference price value does not match the Bapepam-LK rules

JAKARTA: Capital Market Supervisory Agency and Financial Institution (Bapepam-LK) indicates the practice of PT Pemeringkat Efek Indonesia (Pefindo) in providing reference prices for small and medium-sized stocks not in accordance with the regulations.

However, Bapepam-LK to provide an additional license agreement.

Accounting Standards and Disclosure Bureau Chief of Bapepam-LK Etty Retno Wulandari said the companies' action was not related to the indication business practices by licensing companies ranking institutions, such as the definition of authority rules.

Bapepam-LK's new regulation of a new ranking of institutions of authority issued in June.

Pefindo issued stock research of small and medium enterprises (SME) since last year.

Additional services products that aim to improve the liquidity of shares to sleep. In addition, Pefindo has another product of the referenced shares, namely Pefindo SME Index 25.

Etty explain it still being discussed as a series of six rules of the institution's new ranking published after Pefindo running their business practices. According to him, authorities have asked for an explanation from the company yesterday.

"We want to hear first from them, so have not decided [to allow the practice of ranking the company stock or not], will be discussed later legalnya [the law]," she told Bisnis yesterday.

In the rules of Bapepam-LK No.V.H.3 about Corporate Behavior of Rangkings Agency Article 4 point c, licensed ranking companies from capital market authority prohibited from engaging in other business activities. Activities unrelated to the ranking prohibited unless approval of Bapepam-LK.

This was related to the licensing agency in the rules of Bapepam-LK, the other in the No.V.C.2 about Company Licensing on Rangkings Agency. However, she continued, Bapepam-LK to issue a letter that allows the company to practice the reference shares if considered necessary for the capital market.

Different practices
Etty also said Pefindo already explained that the ranking and the reference price given very different companies with the practice of PT Penilai Harga Efek Indonesia (PHEI/Indonesia Bond Pricing Agency).

When confirmed, President Director Pefindo Kahlil Rowter said the company was only trying to obey the rules of Bapepam-LK is there and is a routine activity. Thus, he said, Pefindo intend to ask permission from the authorities to keep doing stock research activities.

"In addition, in practice globally, the companies around the world also issued a ranking of other products besides ranking practices, and even more varied."

Kahlil also assess the company's practices could not be considered as activities that violate the rules, simply because it had not approved the capital market authority. (21)

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