Podgorica (MINA-BUSINESS) – The Securities Commission in Montenegro is too active in regulating the work of the privatisation funds and its excessive activity can pose a problem rather than create benefits for the local capital market, professor of the Podgorica School of Economy Bozo Mihailovic said. "The Commission has a role of a cop on duty. With its rules, it is trying to make the funds play a defensive rather than an offensive role," Mihailovic told a round table Privatisation Funds on The Capital Markets organised by the Association of Montenegrin Brokerages. He also said a campaign against the funds earlier this year was trying to picture them as "cons". Chairman of the Securities Commission Slobodan Lakic insisted the negative campaign was targeted against the Commission rather than the funds. Director of the Development Fund Dragan Lajovic said that by the end of May the citizens would find out if they did it right or wrong when they invested their privatisation vouchers in the funds. "By the end of May, the funds will complete the exchange of shares and know a precise structure of their portfolios. Once their representatives are elected members of the managing boards, the privatisation funds will assume a managing role in these enterprises," Lajovic said. But a lack of capital, restructuring methods, high marketing costs and expected dividends were discouraging fund managers to invest in the companies and they were expected to rather look into selling the shares. Consultant of the Barents Group Jeff Elkin said privatisation funds would initially sell shares, but in the future they may assume a more active role in restructuring the enterprises. Director of the Atlas Mont privatisation fund Zarko Djurisic said the aim of the fund was to increase the market value of shares because the difference between the market price and the face value was huge.