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DateLine Thursday, 23 October 2008

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SEC suspends licence of HNB broker


Pays Rs. 1 million fine



SEC DG
Channa De Silva

The Securities and Exchange Commission (SEC) has cancelled the stock broking licence of Sanjeewa Maddumage Atapattu, an investment advisor attached to HNB Stockbrokers (Pvt) Ltd for a period of three years.

The investment advisor’s licence has been cancelled for three years for offences of front running where the complaint was made and the investigations have been completed only recently and he will neither be able to trade or interact with clients for a period of three years, Securities and Exchange Commission’s Director- General Channa De Silva told Daily News Business yesterday.

He has made some appeals after paying a fine of Rupees one million and the case has been compounded, the Director- General said.

Front running a client is a serious offence and as per the Securities and Exchange Commission Rules Section 14 were it states: “No individual shall directly or indirectly trade in the securities of a company ahead of significant purchases or sale of securities of that company for his client with the intent to profit by trading in such securities thereafter. Section 1 of Rule 24 of the SEC Member regulations also states that a member firm shall not directly or indirectly obtain the services of another person for three years whether as an independent contractor or otherwise deal with clients of member firms in an event of an offence has been compounded against him.

Both Hatton National Bank Managing Director Rajendra Theagarajah and HNB Stockbrokers Managing Director / CEO Deva Ellepola were not available for comment.

 

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