Consultation on proposed Market Segmentation Review

Norges Bank Investment Management (NBIM) welcomes the opportunity to respond to the Securities Commission Malaysia's (SCM) Public Consultation Paper No. 4/2025 on the Market Segmentation Review.

Norges Bank Investment Management (NBIM) is the investment management division of the Norwegian Central Bank and is responsible for investing the Norwegian Government Pension Fund Global. NBIM is a globally diversified investment manager with MYR 8.16 trillion invested in 68 countries as of 30 June 2025, of which MYR 10.66 billion was invested in the shares of 209 Bursa Malaysia-listed companies.

As a long-term, global institutional investor, we have a strong interest in the development of well-functioning, transparent and efficient capital markets worldwide. In Malaysia, our investments are concentrated exclusively in the MAIN Market. We do not invest in ACE Market or LEAP Market securities. Accordingly, this response addresses only the proposals relating to the MAIN Market, specifically Questions 1 through 5.

We commend SCM for undertaking this timely review of the effectiveness of Malaysia's public market segments. We share SCM's objective of ensuring that the MAIN Market remains a premier board for established corporations that demonstrate strong fundamentals, while also adapting the listing framework to accommodate evolving business models in the modern economy. A well-structured public market with clearly defined segments is essential for enabling investors to make informed decisions based on clear understanding of the types of corporations in which they are investing. It is essential that listing frameworks remain fit for purpose, appropriately calibrated to market realities, and supportive of both issuer access and investor protection. We therefore welcome these measures to grow and further strengthen Malaysian capital markets.

We thank you for considering our perspective and remain at your disposal should you wish to discuss these matters further.

Yours sincerely

Carine Smith Ihenacho                                                                  
Chief Governance and Compliance Officer

Jeanne Stampe
Lead ESG Policy Advisor