SEC and CSE collaborate to expedite listings
View(s):The Securities and Exchange Commission of Sri Lanka (SEC) in collaboration with the Colombo Stock Exchange (CSE) recently conducted an awareness session for Corporate Finance Advisors focusing on enhancing regulatory compliance and streamlining the listing process.
The forum brought together Corporate Finance Advisors and senior officials from the SEC and CSE to enhance the listing process by addressing regulatory expectations, identifying prevalent shortcomings in applications, and establishing best practices to strengthen investor confidence and market integrity, according to an SEC media release.
Addressing the participants, Senior Prof. D.B.P.H. Dissabandara, Chairman, SEC highlighted the vital role Corporate Finance Advisors play in building market confidence beyond their traditional functions in facilitating listings, mergers, and acquisitions.
“Your screening process, your due diligence supports market confidence directly in addition to your key major roles,” the Chairman stated. “As a regulator, our main job is to look at investor confidence plus investor protection. And indirectly your job facilitates that as well.”
Rajeeva Bandaranaike, Chief Executive Officer, CSE emphasised the importance of collaboration in improving market efficiency. “The objective is to completely revamp and improve the overall listing experience for companies and issuers,” he said. “This is a journey that we need to go together with the community. We cannot do this alone.”
He also noted the complexity of public listings compared to bank financing, explaining that heightened scrutiny is necessary when dealing with public money. “At the end of the day, if the prospectus is not clean and accurate, we’re going to face problems. We don’t want companies going into the watchlist after one or two months of listing.”
Ms. Kanishka Munasinghe, Vice President, Listing, CSE highlighted critical gaps in recent listing applications, particularly regarding litigation disclosure and legal due diligence. The CSE has expanded its disclosure requirements to cover not just financial impact but also operational continuity and licensing implications, she said.
Addressing the regulatory perspective, Ms. Manuri Weerasinghe, Director Corporate Affairs, SEC, said: “You are not merely transaction advisors when it comes to listing applications. You are the gatekeepers to maintain the credibility of this market,” she said. “From retail investors to institutional investors, they rely on your information. Therefore, I expect you to take your job role in a serious manner and to ensure what you disclose to the market is always credible.”
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