Sat, 06 Mar 2021 Today's Paper

SEC sues two over manipulating e-Channelling shares

27 June 2019 09:52 am - 0     - {{hitsCtrl.values.hits}}

A A A

The Securities and Exchange Commission (SEC) of Sri Lanka has filed action in the Magistrate’s Court Colombo Fort against two investors, on charges of having committed the offence of market/price manipulation with regard to the shares of E-Channelling PLC.


The SEC said the action was filed on the basis of evidence elicited during the course of an investigation conducted by it and upon receiving the formal opinion of the 
Attorney General.


Accordingly, the Magistrate’s Court Colombo Fort has issued summons on the two accused, namely Mohammed Imtiaz Samsudeen and Muhammed 
Bafiq Nizar.


The matter is pending in court and will be taken up on August 29, 2019.
The accused are related and are residing abroad, Mirror Business learns. 


Rule 12 of the SEC Rules published in the Gazette Extraordinary No.1215/2, dated December 18, 2001,

prohibits any person from creating or causing to create or from doing anything that is calculated to create a false or misleading appearance or impression of active trading or false or misleading appearance or impression with respect to the market for or the price of any securities listed on a licensed stock exchange.


Section 51(1)(a) of the Securities and Exchange Commission of Sri Lanka Act No.36 of 1987, as amended (SEC Act), makes a contravention of any rules made under the SEC Act an offence and any person who is found guilty of an offence under the act will be liable on conviction after summary trial by a magistrate to imprisonment of either description for a period not exceeding five years or to a fine not less than fifty thousand rupees and not exceeding ten million rupees or to both such imprisonment and fine.

 

 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

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




Khaki fury at Peliyagoda Police rattles law fraternity

Torture and murder at police stations are nothing new in Sri Lankan history.

Porn and Nudes: Delving into Cyber Exploitation in Sri Lanka

The images and videos are distressing. Non-consensual sharing of intimate ima

People at a loss as.... COVID vaccination programme hits a snag

The much awaited vaccination drive for Sri Lankan healthcare staff began on J

42 trees felled; Ambagamuwa PS Chairman - a law unto himself ! Unjust enrichment via natural resources

Ambagamuwa Pradesha Sabha (PS) Chairman Jayasanka Perera was allegedly accuse

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.