KUALA LUMPUR, Nov 26 — Amendments to the rules on Bursa Malaysia’s usage of personal data that allow the stock exchange to share information with third parties have sparked concern among investors fearing abuse, The Edge reported today.

The business daily reported Bursa Malaysia as saying that according to the Personal Data Protection Act (PDPA) 2010, which came into force on November 15, Bursa Malaysia can share personal data - such as that in one’s central depository system (CDS), which is needed to move securities - with the Securities Commission, Bank Negara, the Companies Commission of Malaysia, the Malaysian Anti-Corruption Commission (MACC), the police, and other relevant authorities like the Inland Revenue Board (IRB).

“Rules should facilitate investigations on wrong­doers but the concern is that personal data might be abused for personal or commercial reasons,” a market watcher, whose name was not given, was quoted as saying.

The market watcher reportedly said that investors have been complaining earlier this year about receiving unsolicited calls on buying or selling stocks.

Another dealer said that sharing information in one’s CDS account with the IRB may scare huge retail investors away from the Malaysian market.

He was quoted as saying that the amended law is “worrying for retail and private investors and will certainly discourage retail and high net worth individuals from investing in Malaysian securities”.

“The information could go to IRB which would then audit those having large holdings of shares. It is patently clear that the

government is tightening the noose on potential tax dodgers and trying to increase revenue. But who is keen on being audited even if they are not involved in financial shenanigans?” he added.

Prime Minister Datuk Seri Najib Razak reportedly said recently that paying taxes is an act of patriotism and that the revenue from the Goods and Services Tax (GST), which will be implemented in 2015, is needed to boost the country’s development.