Press Release: SIAS Response to MAS Announcement: MAS Appoints First Batch of EQDP Asset Managers; Commit S$50 million to Boost Equity Research and Product Listings; and Outlines Proposals to Enhance Investor Recourse

Date: July 22, 2025

MAS announcement regarding the appointment of the three asset managers and allocating $1.1billion into the Singapore equities market under the S$5 billion Equity Market Development Programme (EQDP) is an encouraging step towards creating more interests in local stocks, especially the mid and small caps.  SIAS expects improvement in the market’s attractiveness and it will attract more quality listings.

SIAS also notes that in the selection of the asset managers, MAS applied certain criteria such as their commitment to expand or contribute to the growth of the asset management and research capabilities in Singapore. This is indeed a welcome move as large segments of the local market are currently not covered by research analysts.

SIAS looks forward to the announcement in Q4 2025 on the selection of more asset managers on the allocation of the remaining S$5billion EQPD.

SIAS has been advancing the need for capital markets to provide more research coverage and distribution of these reports to retail investors. With the enhancement of the research development grant for GEMs, more investors will have more exposure to the mid and small caps and it will increase visibility of under-researched companies which should then lead to greater retail interest. It is also encouraging to see research grants put in place for pre-IPO and newly listed companies which will greatly benefit our investing community.

When there are instances of market misconduct, retail investors rarely seek legal redress. This is because legal action is very costly and time-consuming. There is no other official avenue to seek redress.

The announcement that MAS is looking at ways to enable investors to seek court action and civil penalties is indeed timely as it will boost investor confidence.

SIAS stands ready to act if appointed to assist shareholders with litigation. However, SIAS will first continue to resolve shareholder issues with listed companies boards without litigation in the boardroom and not the court room. If this time-tested approach should fail, SIAS will then seek mediation at the Singapore Mediation Centre.

SIAS has always been aware that litigation can be very time-consuming and distracts the management from their main function of running their businesses. Furthermore, the Singapore capital markets should not be litigious. In other words, litigation will only be the last resort.

We are comforted that MAS is looking at ways to defray the cost of organising investors and taking legal action should this become necessary.

David Gerald
President
For and on behalf of SIAS Management Committee