M
Mdm Tang
Guest
18-year-olds can trade shares
By Alvin Foo
THOSE in their late teens are now able to start share trading here thanks to changes put in place by the Central Depository (CDP) resulting from a change in the civil law.
With effect from March 9, the CDP has allowed the opening of accounts by applicants aged 18 years and over - so long as they are not undischarged bankrupts.
A CDP spokesman said it is supportive of the Government's broader efforts for an entrepreneurial society, and has 'aligned its current practices to the amendments in the Civil Law Act'.
These investors will also be allowed to open trading accounts with securities trading members of the Singapore Exchange, subject to the individual eligibility requirements imposed by these members.
This lowers the legal age for someone to buy and sell shares here from 21 years' old to 18.
A CDP account enables investors to store and track shares bought on the Singapore stock market.
A number of administrative functions are also carried out via such an account, such as the payment of company stock dividends.
The lowering of the minimum age follows a recent law amendment involving contractual age, which saw the age at which most contracts are binding and enforceable against a minor lowered from 21 to 18.
It also signalled that those over 18 can act as a company director, form a company or limited liability partnership and enter into business contracts, including land leases not exceeding three years.
In recent years, industry experts have noted increasingly younger Singaporeans joining the local investment community.
Read the full report in Thursday's edition of The Straits Times.
By Alvin Foo
THOSE in their late teens are now able to start share trading here thanks to changes put in place by the Central Depository (CDP) resulting from a change in the civil law.
With effect from March 9, the CDP has allowed the opening of accounts by applicants aged 18 years and over - so long as they are not undischarged bankrupts.
A CDP spokesman said it is supportive of the Government's broader efforts for an entrepreneurial society, and has 'aligned its current practices to the amendments in the Civil Law Act'.
These investors will also be allowed to open trading accounts with securities trading members of the Singapore Exchange, subject to the individual eligibility requirements imposed by these members.
This lowers the legal age for someone to buy and sell shares here from 21 years' old to 18.
A CDP account enables investors to store and track shares bought on the Singapore stock market.
A number of administrative functions are also carried out via such an account, such as the payment of company stock dividends.
The lowering of the minimum age follows a recent law amendment involving contractual age, which saw the age at which most contracts are binding and enforceable against a minor lowered from 21 to 18.
It also signalled that those over 18 can act as a company director, form a company or limited liability partnership and enter into business contracts, including land leases not exceeding three years.
In recent years, industry experts have noted increasingly younger Singaporeans joining the local investment community.
Read the full report in Thursday's edition of The Straits Times.
