The Securities and Exchange Commission (SEC) has appointed an internal sub-committee and a special committee with three SEC commission members to inquire into the appeals by three of the rejected applicants vying for stockbroker licences, according to officials.
Last June, the Colombo Stock Exchange advertised for broker licences .File photo shows an aerial view of the CSE.
“We’re inquiring into these appeals in a very formal and transparent manner and the results will be out within two weeks,” Indrani Sugathadasa, Chairman CSE told the Business Times.
Informed sources said that that high networth investor, Dato Seri Tiong King Sing and LOLC are amongst those who have appealed.
Mackwoods Group’s Calridge Ltd, Commercial Bank, India Infolines, Richard Peiris and Bank of Ceylon were successful in the selection process. The successful candidates are said to be in the process of incorporating the stockbrokering firms and then will apply for the CSE membership, after which the SEC will grant them the licence.
Last June, the Colombo Stock Exchange advertised for broker licences and said that successful applicants would have to open at least one branch office outside the financial capital Colombo within the first year and a further two branches within the second year of operation.