The Sundaytimes Sri Lanka

SEC seeks info from Deputy Speaker on stock market deals


The Securities and Exchange Commission (SEC), continuing its longtime probe into manipulation and insider trading, took a new turn when it sought information from parliamentarian and Deputy Speaker Chandima Weerakkody, sources say.

“We have written to a politician and asked him certain things pertaining to an ongoing investigation in order to obtain different views from various people,” a SEC source told the Business Times, adding that the politician won’t be summoned to the SEC. He added that these views are sought from certain investors in a bid to ascertain specific information relating to patterns of trading.

“I heard this first from the media. When I checked, I saw a letter from the SEC and they wanted to know the beneficiary of my investment, who my stockbrokers are, etc,” Chandima Weerakkody, Deputy Speaker told the Business Times. He added that SEC is ascertaining some transactions pertaining to certain shares.

The SEC source said that this isn’t the first time a politician was asked for information. “Two politicians were sent letters sometime ago relating to a different case,” he said.� Meanwhile SEC Chairman Tilak Karunaratne, Treasury Secretary Dr. P.B. Jayasundera, Central Bank Governor Nivard Cabraal and former Attorney General Mohan Peiris met the President two weeks ago and had a ‘friendly chat’ on the economy.� “He was concerned about the small investors,” he said. He added that the President wanted to meet this team again on his return from Brazil.

Last year, a total of 20 cases of suspected market malpractices which included two insider dealing, two front running, one circular trading and 15 price manipulations were referred by the Colombo Stock Exchange (CSE) to the SEC for further investigations and necessary action. The SEC source said that selected cases are now being pursued.

Share This Post

comments powered by Disqus

Advertising Rates