Reply To:
Name - Reply Comment
Last Updated : 2024-04-20 00:00:00
The new Securities and Exchange Commission (SEC) Act will be gazetted and presented to Parliament for approval shortly.
A proposal in this regard by Prime Minister Ranil Wickremesinghe, as the National Policies and Economic Affairs Minister, has been approved by the Cabinet of Ministers.
The new act will replace the Securities and Exchange Commission Act No. 36 of 1987.
The new act is expected to address the gaps in the regulatory system, which were outlined by a recent International Organisation of Securities Commissions’ (IOSCO) Country Review on
Sri Lanka.
However, the main feature of the new SEC Act would be the vesting of powers on the state to initiate civil action against the alleged capital market offenders, thereby giving more teeth to the SEC, which currently has limited scope in penalizing wrongdoers, since criminal action requires proving an infraction beyond reasonable doubt.
Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
Reply To:
Name - Reply Comment
On March 26, a couple arriving from Thailand was arrested with 88 live animal
According to villagers from Naula-Moragolla out of 105 families 80 can afford
Is the situation in Sri Lanka so grim that locals harbour hope that they coul
A recent post on social media revealed that three purple-faced langurs near t