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Methodology The impact of institutional factors on the creation of the GSE will be examined by analyzing the following institutional features: 1. The System for Legal and Regulatory Affairs: All capital markets, particularly emerging ones, operate within the framework of laws and regulations enacted by the country in order to ensure orderly and equitable trade in securities, as well as the protection and security of investors. The degree to which these laws are implemented will have a direct effect on the stock market's growth. The Securities Industry Law (SIL) 1993 is among the numerous regulations enacted in connection with the securities market (PNDCL 333). The creation of the Securities Regulatory Commission and how the commission should operate are mainly defined in this law. The establishment of the Securities Regulatory Commission (SRC), the purpose of which is to maintain securities market surveillance, is to ensure fair and equal securities dealings. SRC is allowed to license stock exchanges, trusts of units, mutual funds and dealers of securities and investment advisors. It is also responsible for defending against violations such as insider trading activities in the stock industry. Takeovers, mergers and acquisitions of companies are subject to the commission's scrutiny, approval and regulation. The Companies Code of 1963 (Act 179), and the Financial Institutions (Non-Banking) Act of 1993 (I'NDCL 328) are other laws protecting the securities industry directly or indirectly. This list of laws and regulations demonstrates that, relative to those of even developed countries, the legal and regulatory structure of the capital industry and, for that matter, the stock market is well taken care of. In addition, the research found proof of the compliance of the regulations. The suspension and imposition of fines against three brokerage firms for contravening the laws governing financial market operations. 'I've noticed that the disclosure policies governing listed firms have been studied. They are quite extensive, as enshrined in Legislative Instrument (LI) 1509. Under this statutory instrument, different regulations touch on information that is revealed to the general public. Regulation 56 allows a listed firm, except in extraordinary cases, to make immediate public disclosure of all relevant information concerning its affairs. A listed business is also expected to report material information to the public in a manner designed to ensure that it is disseminated to the public as thoroughly as possible. Regulation 57 mandates that if a listed company becomes aware of a rumor or report that may be real or false, containing information that is likely to have or may have had an impact on the trading of the company's shares or may have an impact on investment decisions, the company is obliged to explain the rumor or reports publicly as soon as possible. In Regulations 43 and 44, the disclosure of details on financial reporting is well covered. Regulation 43 obliges the companies reported to send a half-yearly report to the exchange as soon as the figures are available and, in any case, no later than six months after the end of the first half-yearly cycle of the financial year. Under Regulation 44, it is expected that the listed companies will send a preliminary annual financial statement to the exchange as soon as the figures are available and, in any case, no later than three months after the end of the financial year. Information to be reported in both the half-year and annual financial statements includes revenue, combined operating profit/loss, related business profits, special products, minority interests, operating profit as a percentage of turnover, operating profit as a percentage of issued capital and assets at year-end, ordinary share income and dividends, including the sum of pe per share and dividends, The information disclosure criteria for companies wishing to list on the exchange are that the company must include the company's context, particularly the history, the line of operation, the capitalization, the distribution of securities such as shares. All other details must be disclosed, such as dividend reports, the end of the fiscal year, the date of the annual meetings and any pending legal action. 2. Transaction transparency: The openness of trading and other processes makes it possible to set rates efficiently and trust the fairness of the market. Trading fragmented or privately done with restricted quantity and price transparency means that any new transaction in effect must be focused on relatively expensive search costs and that there is a possibility that the transaction will go out of line with the current prices. Opaque trading procedures create suspicion of manipulation of the market and can reduce the investment rate. All the purchasing and sale of shares on the GSE is done through brokers or licensed dealers (LDMs) who have the license to buy and sell shares on behalf of their customers. The study found that, as trading is open to members of the public, the call-over trading mechanism on the GSE is very transparent. The transparency of pricing is also present. Brokers fill up a bargain slip in triplicate to further illustrate transparency. One copy is for the stock exchange, and each of the brokers making the trade gets one copy. This slip has data about the price, quantity and safety involved. It may be interesting to notice that all the brokers interviewed strongly felt that trading on the GSE was transparent. However, despite these steps, collusion between brokers in pricing cannot be ruled out, although there is no proof of such practicality. In order to further maintain public trust in GSE trading, the GSE has a supervisory unit to track compliance among all parties involved in trading. It has been realized that this department needs to expand in the immediate future, as only the general manager who already has a busy schedule is actually performing the supervisory duties. 3. Standards for accounting and auditing: The government, regulatory agencies, the financial community, professional organizations, chartered accountants and accounting companies, the investing public, industry groups, and the general public are consumers of accounting information. For the different forms o! These users might have both coinciding and contrasting needs. Tax reports and statements A unified collection of general purpose financial statements and reports are compiled by accountants and auditors in order to satisfy these needs, providing factual, unambiguous and complete economic information regarding the life and activities of the company. Accountants and auditors have adopted widely agreed accounting and auditing concepts or practices in order to limit the areas of inequalities and mitigate the risks of bias, misinterpretation, inaccuracy and uncertainty. These norms make it possible to fairly compare financial statements and reports between companies and between accounting periods. Since the accounts of listed entities are prepared by reputable firms, globally accepted accounting and auditing standards can be assumed for the accounts submitted to the GSE. Interviews with GSE officials indicate that this is the condition.

4. Costs of Transaction: Business growth would be influenced by unreasonably high transaction costs, as investors seek to minimize costs in order to maximize their returns. The key costs for companies that go public via share issues and eventually pursue listing on the exchange are: Subscription fee Regulatory and accounting costs Commissions for brokerage Printing and promotional prospectus costs Fees for the GSE (including listing fees, application fees, and annual fees). 5. Liftering and settlement: The study was involved in transactional clearance and settlement processes, securities transfer, registration, and custody, under delivery and settlement. Securities investors have expressed concern about buying securities in some emerging capital markets but have not issued either their certificates or their dividends. In other cases, dividends continue to be paid from investors who have sold their shares. This clearly suggests weak transfer of shares, registration and custody. The study showed that there was strict adherence to the 14-day delivery and settlement deadline. The study also showed that there was compliance with the legislation requiring brokers to send transaction results to their customers within 48 hours. The GSE easily confirmed this because each broker filed returns with the GSE on their customers' payment of levies and commissions. The research found that a centralized distribution and settlement system was in favor of the licensed dealing participants. It has also been learned that, in the near future, the GSE plans to implement a centralized manual clearing system.

6. Entry and exit obstacles: The development of any stock exchange is hindered by excessive barriers, particularly for foreign investors. All listed stocks are generally freely available to foreign investors. Any external resident portfolio investor, whether individual or institutional, may, however, hold only up to 10% of any listed security approved. Furthermore, the GSE requires that the total holdings in one listed security of all external residents should not exceed 74 percent. It is also possible to remit the initial capital invested without restrictions. The analysis shows that there are virtually no barriers to GSE entry or exit. Therefore, it seems that the .to entry and exit barriers are not an important factor in the GSE development, as investors are free to move in and out of the market without any restrictions. However, one of the factors influencing companies' choice of financing in an imperfect financial market such as Ghana's is the taxation of income. Differences in effective income tax rates from different financial instruments can influence how financial and investment choices are made by individuals or corporate bodies. The research found that the short courses that the GSE runs throughout the year on an ongoing basis help to educate participants about securities. There are five such courses, designed to meet the needs of both professionals and non-professionals, which are held every other month on different aspects of the securities industry. The courses are: Basic Securities, Advanced Securities, Selling and Investment Securities Advice, Trading Securities, and Course of Directors. Courses range in length from 3 to 10 days, usually 3 hours per day. The Advanced Securities Course is a basic course for securities market professionals who need a thorough understanding of the securities markets, instruments, trading, legal issues and analysis of financial statements, as well as others in law, banking, accounting, insurance, I'inance and economics. The course on securities sales and investment advice is a specific course designed for those seeking licensing as sales agents and investment consultants. Course Four Securities Trading, which is also a specialized course, is intended for pre-experts who wish to have in-depth knowledge of stock exchange trading as well as those who intend to seek licensing as authorized stockholding company dealers.