SMB Securities begins equity and debt trading

NEW PLAYER: SMB Securities, the latest debt and equity broker to be licensed by the Colombo Stock Exchange (CSE), commenced operations in Colombo last week with a pledge to promote trading in rural areas.

The company has opened its office at the Landmark Building in Colombo from where it will offer clients a wealth of advice and information on debt and equity trading and will also enable them to trade directly on the CSE.

SMB Securities has been granted Trading Membership from the CSE for both equity and debt trading and will give its clients an opportunity to maximise their portfolio returns, the company said.

Speaking at the opening of office the Chief Guest, Channa de Silva, Director General of the Securities and Exchange Commission said the equity and debt market in Sri Lanka is tiny compared to others in the region and more intermediaries are needed to develop it.

"The entry of SMB Securities adds strength to this argument and we are confident the company will bring in much needed investment to the country," he said. The CEO of the Colombo Stock Exchange Sureka Sellahewa said that one of the goals of the CSE was to reach out to people who do not know about the Stock Exchange.

"The entrance of SMB Securities to the market and its promise to reach out to those in rural areas will greatly help us achieve this goal," she said.

The company will aggressively promote its services in rural areas, providing investors in some outstation regions an opportunity to experience the stock exchange for the first time.

Deputy Chairman of SMB Securities (Pvt) Ltd., Rohan Senanayake said that SMB Securities will focus on five key areas during its operations.

"We will be strongly looking at taking the equity and debt market to the grass roots level, promoting global development of equity and debt, carrying out research, providing accurate, reliable information to customers and building up professionalism in these markets.

This will greatly assist in developing these markets and have a positive impact on the sector," he said.

Operations will initially be carried out from the company's Colombo office but will soon be expanded to cover other parts of the island.