Business Times

Unit Trust code to be ready by 2011

Some senior officials from the Securities & Exchange Board of India (SEBI) were in Sri Lanka to assist the Securities and Exchange Commission (SEC) to put the final touches to the Unit Trust Code which will also incorporate the concept of Exchange Traded Funds (ETF)’s, according to SEC officials.

“Two senior officials from SEBI were in the country during this week, assisting the SEC to put the final touches to the Unit Trust Code,” Malik Cader, Director General SEC told the Business Times.

He said the first quarter of next year will see this code implemented and this will also see that ETFs which are securities that track an index, a commodity or a basket of assets and trading similar to a stock on an exchange, possible by early next year.“Now the SEC is working on the modalities of this and we are including the ETF in the Unit Trust Code,” he said, adding that both Unit Trusts and ETFs will attract institutional investors into the Colombo market.

He said that Unit Trusts which are on the cards are considered as low-risk, low-return investments, which will also attract more investors to the Colombo Stock Exchange (CSE).

He added that ETFs are attractive to most as it will assist traders balance their portfolios. He said that the CSE took 24 years to reach the first trillion in turnover but it was only 9 months before it reached the second trillion. “With such products in the pipeline, the CSE will see more growth prospects,” he added.

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