The Government is moving to review the Securities Industry Act of 1998, in wake of complaints from major private sector companies about trading on the Guyana Stock Exchange.

Attorney General Anil Nandlall has announced that President Irfaan Ali has instructed the review, with the hope of a modern piece of legislation being developed.

The Act regulates the growth of efficient securities

At the recent shareholders’ meeting of conglomerate, Banks DIH Limited, its Chairman and Managing Director Clifford Reis complained that the Stock Exchange in Guyana currently publishes and takes into account all security transactions, thereby creating an anomaly, which results in the last set of trades being the lowest.  

He said with that practice, a small share transaction can significantly affect the share value of a particular share. Reis said Banks DIH made known its concerns to the Guyana Securities Council, but there was no favourable response.

With the Government now moving to reform the existing laws that cover the operations of the Stock Exchange, the Georgetown Chamber of Commerce said it is encouraged by the move, adding that over the years, it has consistently been a leading advocate for the modernizing of the local securities market and stock exchange, while continuously lobbying for a dynamic and competitive financial environment in Guyana that will benefit businesses, investors, and the economy as a whole.

The GCCI said by undertaking the review of the Securities Industry Act 1998, the government is demonstrating its dedication to fostering a more efficient securities market that will foster growth and better align with Guyana’s economic trajectory.

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