Don’t repeat decade-old tactics, SEC warns
Sri Lanka’s stock market regulator warned ‘naughty boys’ not to repeat the decade-old market manipulation tactics, saying that it is watching closely.
It encouraged market participants to focus on sustainable and responsible investment and trading practices, reaffirming its continued watchfulness to ensure market confidence.
“In the past few weeks, we have seen certain ‘naughty boys’, as in the past about 10 to 12 years ago, starting to behave similarly. We have had serious discussions with them,” Prof. Hareendra Dissabandara, chairman of the Securities and Exchange Commission (SEC) said, addressing its 38th anniversary celebrations in Colombo on Thursday. He said that proper systems have been put in place and procedures streamlined in order to function as an orderly market.
He was referring to the 2012 – 2015 years, where powerful and influential individuals, including high net-worth investors, stockbrokers, and sometimes politicians, engaged in stock market manipulation, insider trading and such, within the Colombo Stock Exchange. They were accused of using practices such as pump and dump schemes and circular trading to artificially inflate share prices and then sell them at a profit, often at the expense of small retail investors.
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