The Egyptian Exchange (EGX) has issued a decision enabling Egyptian youth aged between 16 and 21 to obtain a code for investment in the stock market.
Such codes will be granted upon submitting a photo copy of the investor’s national ID, subject to the Financial Regulatory Authority’s (FRA) approval of the EGX’s proposal in this regard.
This step allows youth aged between 16 and 21 to extract a code to start investing in EGX-listed securities without the need for documents from the guardian or trustee, as the case may be.
It comes alongside a pledge from the securities brokerage company submitting the request to abide by the controls contained in the FRA Board of Directors’ decision No 23 of 2021. This deals with controls for young people in the 16-21 age group dealing in EGX-listed securities.
The step opens the way for Egyptian youth to invest and save through such securities, which would enhance the culture of saving and investment. It will also ensure such activities achieve strong growth rates in a sustainable manner, as well as broadening the base of beneficiaries.
The FRA’s Board of Directors issued Decision No 23 of 2021 on 21 February regarding controls for young people in the 16-21 age group, relating to dealing in EGX-listed securities.