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Thursday, October 7, 2010

Three MI licence revoked: IDR10 bio paid-up capital should comply at the end of the year

Irvin Avriano A. & Dewi Idam Sari (16)
Bisnis Indonesia
Three MI licence revoked: IDR10 bio paid-up capital should comply at the end of the year

Investment managers whose licenses revoked:
PT AmCapital Indonesia
PT Majapahit Securities Tbk
PT Masindo Artha Securities

Investment managers whose activities are limited (on-suspend):
PT Credit Suisse Investment Management Indonesia
PT Ekokapital Securities
PT Falcon Asia Resources Management
PT Natpac Asset Management
PT Sarijaya Permana Sekuritas

Fund managers are still investigated by PP Bureau *:
PT Bumiputera Capital Indonesia
PT Eficorp Sekuritas
PT Harvestindo Asset Management
PT Optima Kharya Capital Management
PT Optima Kharya Capital Securities
PT Pavillion Capital
PT Signature Capital Indonesia

Investment managers whos paid-up capital less than IDR10 billion:
PT Anugra Nusantara Asset Management, IDR5 miliar
PT Bhakti Asset Management, IDR5 miliar
PT Dongsuh Investment Management, IDR5 miliar
PT Harvestindo Asset Management, IDR5 miliar
PT Intru Nusantara, IDR5 miliar
PT Lautandhana Investment Management, IDR5 miliar
PT Minna Padi Investment Management, IDR5 miliar
PT Natpac Asset Management, IDR5 miliar
PT Pavillion Capital, IDR5 miliar
PT Peak Capital, IDR5 miliar
PT Prime Capital, IDR5 miliar
PT Prospera Asset Management, IDR5 miliar
PT Reliance Asset Management, IDR5 miliar

*) Investigated by Investigation Bureau of Bapepam-LK, which also on-suspend
Source: Bapepam-LK Mutual Funds Information Centre

JAKARTA: Licence investment managers (MI) from three securities companies was revoked by the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) in the middle of tightening and control of the investment management industry.

The three companies PT Majapahit Securities Tbk (formerly PT Asia Kapitalindo Securities Tbk), PT Masindo Artha Securities, and PT AmCapital Indonesia.

Based on the data stock market authorities, the three investment managers (MI) is no longer listed on the Bapepam-LK Information Center Fund website.

Investment Management Bureau Chief of Bapepam-LK Djoko Hendratto comfirmed the revoking of IM licence from the three company, but the companies still can do business as usual with other licence.

"All three MI licence are revoked, but the action has nothing to do with the increasing capital in the industry, just because the improvement quality of MIs," he told Bisnis yesterday.

He said one vital mistake that caused the three companies licence revoked is a lack of commitment from management and owners of companies to continue business as MI. According to him, because of lack of commitment that, in general these companies do not comply with the orders and regulations that have been reminded several times.

When confirmed, the Director of Majapahit Securities Wim Al Fatih said the securities company had already returned its investment manager license because he wanted to focus on brokerage division and underwriting, not revoked.

"The permit was not revoked, but we return it because we want to focus on brokerage and underwriting."

Djoko added AmCapital already making changes that better management structure, shortly before the permit is revoked. However, he said, they gave the company's licence and they can request for a new license when the company was ready enough with the MI division.

AmCapital Indonesia president director Mustofa not reply short message service delivered yesterday afternoon when tried to confirmed.

IDR10 bio paid-up capital should comply at the end of the year
Last week, capital market authorities and the Ministry of Finance has just endorsed the Finance Minister Decree No.153/PMK.010/2010 to delay the schedule additional paid-in capital of securities company and MI gradually. The decree revised the Finance Minister Decree No.179/KMK.010/2003.

Terms of the final schedule was set back from the previous increase in paid up capital of IDR25 billion in the next year and delay until the end of 2012. Thus, the MI shall have a minimum paid up capital of IDR10 billion by the end of this year, amounting to IDR20 billion by the end of next year, and amounted to IDR25 billion by the end of 2012.

Currently there are 13 MI whose capital is below IDR10 billion (see table). Djoko said the capital market authorities still develop the industry by encouraging MI to comply with regulations, especially some newly issued regulations. For example, about nine mandatory function in the company and about the paid-up capital adding.

"We still push them so they remain comply with the regulations, and keep our eye so they can increase the paid up capital at the end of the year [to IDR10 billion]."

Vice Chairman of the Indonesian Mutual Fund Administrator Association (Asosiasi Pengelola Reksa Dana Indonesia/APRDI) Bowo Witjaksono Suhardjo said the association also intends to propose this distinction between added paid-up capital for local and foreign MI.

In addition, he said, the association will also be proposed distinction paid for MI by focusing efforts on opened product (for public only) and closed products (private placement).

"If MI is focused on public products the paid-up capital may be lower because the stakes are lower and the risks are more diversified, compared with MI with closed products."



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