SEC to launch capital market master plan
View(s):The Securities and Exchange Commission (SEC) will unveil its capital market master plan this month, top officials said.
The plan is seeking approval from the government, they said noting that it matches with the overall government policy and vision.
The plan includes regulatory and development initiatives to take the capital market to the next level, an official said, noting that these plans have been initiated after considering both short-term and long-term development of the market.
The SEC has developed these plans after a series of consultations with the industry stakeholders, including the Colombo Stock Exchange (CSE), stock broking industry, Unit Trusts, investment managers, custodian banks, investment banks and professional bodies such as CFA and CA Sri Lanka.
Meanwhile the CSE’s Central Counterparty (CCP) will be set up by early August, officials said.
This came back on the market, the operator establishing a CCP, through its newly formed entity, CSE Clear (Pvt) Ltd. Approved by the SEC, the CCP will oversee the clearing and settlement of equity transactions on the CSE, marking significant progress to the country’s financial market infrastructure, an official said. The CCP framework is envisaged to ease counterparty risk, improve settlement efficiency, and increase investor confidence in Sri Lanka’s capital markets. The CCP has been in the works for over a decade.
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