Errant broker removed by Sri Lankan securities firm
View(s):IIFL Securities Ceylon (Pvt) Ltd, a Sri Lanka stockbroking firm has suspended one of its junior brokers for stepping out of line, according to IIFL sources.
This came on the back of the Securities and Exchange Commission (SEC) probing both the company and the broker in the company when Priyani Ratna-Gopal, Country Head of IIFL, decided to suspend him, a source told the Business Times.
“This broker had been dealing at another securities firm (which he was employed at previously) with an account under him while working as an investment advisor for IIFL,” he said.
According to SEC sources, over 20 persons (both traders and stockbrokers) have been warned and advised against offences over the years but the regulator has never suspended a stockbroker’s licence to practice. “In the recent past some were warned against suspected market/price manipulation, suspected front running and non-disclosure of material information and the dissemination of misleading information,” a SEC source told the Business Times.
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