Securities Commission Malaysia seeks feedback on proposals under the market segmentation review
18 December 2025
On 12 November 2025, the Securities Commission Malaysia (“SC”) published a consultation paper inviting feedback on various proposals to enhance the value propositions of the public market.
The consultation paper relates to listings on the Main and ACE Markets. The proposals aim to improve issuers’ accessibility to listing and to ensure that the public markets are clearly defined with fit-for-purpose frameworks.
The consultation paper seeks feedback on several key proposed enhancements, including:
- enhancing the routes for listing on the Main Market under the profit test and infrastructure project corporation test;
- providing flexibility on the need for positive operating cash flow for listings on the Main Market; and
- strengthening the ACE Market’s role as a stepping stone for small and
mid-sized corporations by aligning the listing requirements with the ACE Market’s sponsor-driven framework.
The SC welcomes responses from stakeholders from 12 November 2025 to
31 December 2025. The reforms to the Main Market and ACE Market listings are targeted to be implemented in the first half of 2026.