Dear Sir

We refer to "Beware IPO poison-pen letters" (Business Times, 4 February 2004).

2   MAS and SGX have a similar approach to anonymous letters.  The information provided is evaluated on the basis of credibility, materiality and whether there is any supporting evidence.  We consider the circumstances of each case before deciding whether any further action is required.  We do not act on comments that appear baseless or malicious.  SGX's Practice Note 2.1 sets out this approach in detail.

3   In fact, the number of anonymous letters received has not increased significantly. In any event, if the necessary due diligence has been performed, the professionals will be in a position to answer any query from the regulators. 

Yours sincerely,

Angelina Fernandez
Director (Communications) 
Monetary Authority of Singapore 

Cheng Lee Ching
Senior Vice President and
Head, Corporate Communications
Singapore Exchange Limited