A well$-$developed financial market is beneficial because it can generate higher productivity, higher economic growth, better employment opportunities and greater stability in the economy. On the other hand, a stock exchange is a place where investors buy and sell securities$.$ The stock exchange is considered the official market that mediates the transactions.

REQUIRED:

a$.$ Describe the main role of the Securities Commission and Bursa Malaysia with regard to securities trading. $(10$ marks$)$

b$.$ Justify the main difference between the primary market and the secondary market. $(10$ marks$)$

c$.$ Identify the reason Initial Public Offering $($IPO$)$ under$-$pricing tend to occur. $(5$ marks$)$