The Australian Shareholders Association says the 2020 ban on stamping fees paid to stockbrokers is responsible for a dramatic fall in the number of listed investment companies.
The Australian Shareholders Association says the ban on so-called stamping fees paid to stockbrokers has blocked retail investors from buying into some capital raisings and is partly responsible for a 14 per cent fall in the number of listed investment companies and trusts .
A LIC or LIT is an Australian Securities Exchange-listed company or trust set up to invest in a portfolio of securities managed by a fund manager and its shares are traded on the ASX.Two years on, the ASA has told Treasury’s new review of the 2020 ban that removing the exemption has counterintuitively harmed consumers and enriched unlisted fund managers.
Combined LIC/LIT market capitalisation rose from $45.19 billion to $55.19 billion in May last year, before suffering a 6.5 per cent decline over the 12 months to May this year, falling back to $51.61 billion.
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