Business Times

Colombo Stock Exchange goes gold in March

The Colombo Stock Exchange (CSE) will by next month see gold traded through Exchange Traded Funds (ETF), which are securities that track an index, a commodity or a basket of assets and trading similar to a stock on an exchange, according to officials. “The ETF regulations are now completed and the investors will be able to trade in certain securities such as gold certificates by March,” Malik Cader, Director General of the Securities and Exchange Commission (SEC) told the Business Times.

He added many firms are interested in this instrument with particularly gold ETFs being their focus. He said that an ETF will attract institutional investors into the Colombo market. He also added that ETFs are attractive to most as it will assist traders balance their portfolios. He noted that during the last month daily turnover levels in the CSE have reached Rs. 3.7 billion from the Rs. 2.3 billion seen last year. “This is a 50% growth into the first month of this year alone,” he added.

He said in this backdrop, there are enquiries by Maldivian firms to go public in Sri Lanka. “But our concern will be the enforcement criteria for such firms. We need to have cross border listing, but need to harmonise it with the local listings. So we’re trying to work the nuances at present,” he said. When asked about Hotel Developers being in the default board of the CSE since 1991 for non-submission of financial accounts, Mr. Cader said that the SEC is concerned and that due attention is given to this firm, whose majority stake is held by the Government.

“We’re hopeful that very soon they’ll comply,” he added. He also said that price bands will not be removed by the SEC, but the regulator is considering some concessions. Since 20, September (when the SEC introduced this formula), many securities were slapped with this price curb. He added that this year, the SEC will focus on beefing up the market structure and safeguards.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
Kalpitiya resort bids cancelled
Forged passports – are job agents responsible?
Crisis-hit Bangladesh apparel buyers turn to Sri Lanka
Govt. postpones restructure of CEB, CPC
Colombo Stock Exchange goes gold in March
Buoyant Ceylon Tea riding high this year
Comforting your aching feet! These shoes are meant for walking
Eminent Lankan astrologer predicts mixed results for Sri Lanka
Retaining the IMF
Sri Lanka’s apparel industry withers GSP+ storm
New life for loss-making government firms
JAAF intervenes to boost the image of 'Juki girls'
SL exports to Asia vital to regain highs
Australian course on soft-skills in Sri Lanka
Sunshine Holdings group post-tax up 38%
Watawala Plantations says 'remarkable growth in profit ' last year
ODEL shows strong 9-month growth, turnover up 42%
Amaya group after tax profits up 4,502% on Reefcomber sale
Subsidy for coconut producers
Tokyo Cement poised for better growth:RAM Ratings
Haycarb reports pre-tax profit of Rs. 548 million for 9 months
Large part of A9 highway to Jaffna re-constructed by local engineers
Heritance Hotels group wins awards for ‘Cleaner Production’
Tourism renaissance in Negombo, Jetwing leads the way
Around 200 homes awaiting registration in home-stay tourism concept
Golden opportunity of demographic bonus to trigger economic growth
‘Polkudu’ treatment for heart ailments
London School of Commerce opens Colombo unit
Ceylon Leather revamping their look, keeping their feel
Cinnamon Hotels holding group after tax profits up 236%
India's Zensar targets Rs. 1 bln from SL in 2 years
Leo Burnett tops Gunn report in new world thinking
Top Sri Lankan expat appointed to Brandix board
Lankan tour guides lament over hard times and reduced commissions
BOI chief Jayampathi quits Hayleys
NCCSL embarks on new work plan to improve trade with Asia
Efutures’ remittance solutions to premier banks
Short week at the Colombo bourse sees dull trades, no lustre
20 to adopt newly-launched Microsoft Lync


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution