Business Times

SEC agrees to some concessions for brokers

By Duruthu Edirimuni Chandrasekera

The Securities and Exchange Commission (SEC) met a group of stockbrokers on Wednesday and agreed to some of their eight demands and was considering others, SEC officials and brokers said.
They said that amongst the demands was the removal of the price band and an adjustment to the credit concessions, while the SEC agreed to consider relaxing regulations on warrants and private placements.

The introduction of short selling and appointing foreign agents by stockbrokers to canvass business was agreed to by the regulator. The sources added that it was a cordial meeting and the two parties agreed to meet at least once a month.

"This was the first time that we met the new chairman at SEC. It was a good meeting," Sriyan Gurusinghe, President Colombo Stock Brokers Association. (CSBA) told the Business Times. He said that the Commission gave positive responses to all eight points that they presented. He added that what transpired at this meeting will be communicated to the CSBA membership this week.

He said that prior to the meeting with the SEC, the CSBA had a discussion on who should represent the CSBA and what points should be discussed with the SEC. "More than 20 CEOs were present at the CSBA meeting and it was a unanimous decision (on the representatives)," Mr. Gurusinghe added. SEC sources said that they only wanted some five representatives at the meeting. "We felt it will be a more productive meeting, which it was," an SEC source told the Business Times.

On Thursday, with notable price appreciations in several counters- a day after the country's regulator agreed to ease some of the rules seen stifling trading, Colombo shares recovered sharply.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
State banks face cash crunch
SriLankan invests approx. Rs.150 mln in Mattala
Middle East airlines hit by soaring oil prices
Foreign media ruins Maldives' image as a safe haven for tourists
SEC agrees to some concessions for brokers
Reclaiming the sea
Business Tiems (BT) Poll on rising fuel prices
Comment - Budget bluffing and bank borrowing
CEB, CPC could lose Rs 100 bln this year
Sharp dollar gains, just a temporary phenomenon : CB
Commercial banks should be aware of excessive credit growth
Rupee depreciation follows the ‘Dutch disease’
Household budgets, company costs rise sharply - polls show
EU in Euro 2 mln grant in “Greening Sri Lanka Hotels”
600 vessels fishing illegally in SL at any time : Expert
Lankan tea smallholders facing major crisis
77,000 poor Lankans to get access to sanitation services
Chamber Business Development Consultants Group launched in Vavuniya and Kilinochchi Districts
BASF and Finco promote sustainable construction solutions
Number of Lankan job vacancies fell by 16% in 2010 : Survey
Sri Lanka's first 'green' warehouse launched by Global Park
Many tax queries and concerns raised at top seminar
Richard Pieris group operating profits rise
Prof. Jayasinghe wins "Young Scientist Award for Excellence in Research - 2010"
Bourse moves from despair to hope
Mihin touchdown on low cost routes
MTD Walkers expands into stainless steel fabrication
North-East youth want role in Sri Lanka’s development: WB
Ceylinco directors ordered to work out a new GK re-payment plan
NMK Holdings introduces modern process for the production of copra
Currency fund brings international funding to supplement local sources
Sri Lanka’s forex – a catch-22 situation
Seylan Bank posts best fourth quarter results Rs1 billion net profit for 2011
Losses at Hayleys’ tea unit, Talawakelle Tea Estates
Hayleys reports record 9-month net profit
Chemanex subsidiary Chemcel starts new plant
Hemas to set up more hospitals in key towns
Call for better system of University education
CSE sends Valentine present to stockbrokers

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2012 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution