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Last Updated : 2024-04-26 20:44:00
As exclusively reported by Mirror Business last Friday, the Securities and Exchange Commission (SEC) in consultation with the Colombo Stock Exchange (CSE) has decided to show more mercy to stockbrokers in managing their debt.
According to the new rules announced by the SEC yesterday, the stockbrokers will now get the opportunity to provide less to the debtors after stipulated settlement dates, in contrast to the earlier rule of providing 100 percent to their clients’ debts.
“The Securities and Exchange Commission during its 303rd meeting held on July 12, 2012 met with the Board of Directors of the Colombo Stock Exchange and deliberated on many issues pertaining to the capital market, including issues relating to the management of credit by brokers to their clients. After much deliberation, the commission decided to allow brokers more flexibility in managing their credit,” a directive by the SEC said.lalith Tuesday, 17 July 2012 02:01 PM
Leading to investor /lender bankrupcy.
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