The Securities Exchange Commission (SEC) is keeping a close watch through its ‘surveillance’ mechanism and has warned a few stockbrokers for trying to be ‘too smart’.  Informed sources said that warning comes on the back of the regulator bracing itself for an internal restructure in a bid to enhance its efficiency level while getting some [...]

The Sunday Times Sri Lanka

SEC gets tough on ‘too smart’ investors

By Duruthu Edirimuni Chandrasekera
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The Securities Exchange Commission (SEC) is keeping a close watch through its ‘surveillance’ mechanism and has warned a few stockbrokers for trying to be ‘too smart’.  Informed sources said that warning comes on the back of the regulator bracing itself for an internal restructure in a bid to enhance its efficiency level while getting some pending issues sorted fast.

“The SEC has warned a few stockbrokers verbally since January for ‘derailing’. They had identified the misdemeanours and albeit small had called them to say they are on the watch,” a source told the Business Times. He added that the regulator has done a Gap analysis and identified a few weak areas which it plans to strengthen. According to the source, this will entail creating new divisions for specific subjects and most importantly transferring certain personnel to different areas of expertise.

The SEC has come under fire recently – especially pertaining to certain probes, with stakeholders claiming that the regulator is lagging behind with pending investigations. The source added that SEC in this instance also wants to strengthen its investigations unit and bring in staff that isn’t susceptible to external forces. “It’ll basically be a new organizational chart to tackle the ‘pending’ matters more efficiently and fast-track them.”

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