Securities Commission Malaysia's Comments on Budget 2023

Kuala Lumpur, 7 October 2022

The Securities Commission Malaysia (SC) welcomes Budget 2023 measures, which aim to sustain Malaysia’s recovery momentum, drive inclusive growth and enhance economic competitiveness. Furthermore, Budget 2023 enhances economic resilience by facilitating reforms and fiscal discipline, both of which are necessary for sustainable growth.

The capital market initiatives announced today re-affirm the significant role of the capital market in supporting the post-pandemic recovery. These initiatives will complement and assist efforts to boost market confidence, encourage growth and catalyse private sector investment in the economy.

Key measures for the Capital Market include:

  1. The SC will launch a multi-year programme to build a sustainable pipeline of graduate talent for the capital market. Funded by Capital Market Development Fund (CMDF), the Capital Market Graduate Programme will be a private-public sector collaboration to improve the marketability of graduates in the capital market industry. This will amount to RM30 million over a 3-year period and benefit up to 9,000 participants.
  2. The additional RM30 million allocated to the Malaysia Co-Investment Fund (MyCIF) will further support the funding needs and catalyse growth of Micro, Small and Medium Enterprises.
  3. A public-private partnership will be established by the Ministry of Finance with the cooperation of the SC and other stakeholders to provide a structured training programme for women talent and expand the talent pool with qualified and experienced women for leadership positions, including as directors on boards.
  4. For home-grown technology-based companies and SMEs seeking listing on Bursa Malaysia’s LEAP and ACE markets, the Government will also continue to provide income tax deduction of up to RM1.5 million for selected listing fees from YA2023 to YA2025. The incentive would now include tech-based companies listed on the Main Board.

Quotes by SC Chairman Dato’ Seri Dr. Awang Adek Hussin:

“The establishment of the graduate talent programme will help to champion the building of a sustainable skilled talent pipeline for the capital market. This will contribute to nation building and address the talent deficit.”

“The talent deficit is a global phenomenon that will impact the growth trajectory of economies globally. Therefore, it is apt that Budget 2023 prioritises the boosting of the talent pool across the various economic sectors.”
“Measures aimed at encouraging the growth of alternative financing for these companies will provide new solutions to aid in their recovery, which has been lagging behind the wider economy.

“The additional RM30 million allocated to MyCIF will further support the funding needs and catalyse growth of MSMEs.”

“Budget 2023 will also support and strengthen the contribution of women in both the public and private sectors, with the establishment of a public-private partnership to provide a structured training programme for women talent.”

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The Securities Commission Malaysia (SC) was established on 1 March 1993 under the Securities Commission Act 1993 (SCA). We are a self-funded statutory body entrusted with the responsibility to regulate and develop the Malaysian capital market.

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