Singapore Exchange Ltd (SGX) , which is facing a dearth of initial public offerings (IPOs), is setting up three independent listings committees in an attempt to address investor concerns about its independence.

The formation of the committees, which will comprise senior bankers, lawyers and chief executives of companies, is the most significant strategic announcement made by SGX since veteran banker Loh Boon Chye became its CEO in July.

"SGX's long-term success depends on our having and maintaining a solid record as a market regulator and operator," chief regulatory officer Tan Boon Gin told a briefing.

Unlike other major financial markets, Singapore does not have a dedicated securities watchdog. Instead SGX is the front-line regulator and is in turn regulated by the central bank, the Monetary Authority of Singapore (MAS). SGX also so far did not have an independent committee looking at listings.

A penny stocks scandal in 2013 had called the bourse's regulatory role into question. SGX was also rebuked by the MAS last year after suffering two technical glitches that halted stock trading.

The committees, which will come into effect from October 7, will provide advice to SGX on its listing policies and on listing applications to the exchange's mainboard.

SGX will also strengthen the range of enforcement actions it can take against companies, directors and issue managers, the bourse said.

The 36 members of the three new committees include Gautam Banerjee, chairman of Blackstone Singapore, Ronald Ong, Southeast Asia chairman of Morgan Stanley Asia (Singapore), and Hugh Young, managing director of Aberdeen Asset Management Asia Ltd. The appointments were made in consultation with the MAS.

"We have to attract companies from overseas and having these three committees independent of the stock exchange is a very positive development," Blackstone's Banerjee said.