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New surveillance system for SEC:
Amendments to SEC Act
Charumini de Silva
The Securities and Exchange Commission (SEC) has submitted amendments
to Sections 03, 13 and 55 of the SEC Act and is waiting for the final
approval from the Speaker.
The amendments of the Act are to provide indirect and direct
directives to the listed companies in the Colombo Stock Exchange (CSE),
the Securities and Exchange Commission Director General Channa de Silva
said.
The SEC signed an agreement with Millennium Information Technology
(MIT) of a new surveillance system for SEC yesterday at the Hilton.
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Securities and Exchange Commission, Chairman, Udayasiri
Kariyawasam and Millennium Information Technology, Chief
Operating Officer Dr. Anush Amarasinghe exchanging the
agreement. Picture by Sudath Nishantha |
He said the new surveillance system will enable to monitor the CSE
transactions online, track human errors, inside dealing, enhance the
security of the transactions, manipulate the illegal transactions, the
ability of retrieving past transactions and to increase the confidence
level of the investors. This would improve the quality of the
transactions of the CSE and will provide assurance to the investors who
wish to invest in the CSE.
The Securities and Exchange Commission, Chairman, Udayasiri
Kariyawasam said though systems such as this are not new to the SEC’s in
the world, it is the first system of this kind in Sri Lanka’s SEC. “With
the new surveillance system we are shifting from a manual system to an
automated system. We hope to commence the operations with the new
surveillance system in the first quarter of the 2010,” he said.
He said “When there is an active market and we do things manually the
operations become more complicated. Therefore, we need to improve the
efficiency and implement new technology to make operations easier”. The
investment of the new surveillance was Rs.20 million.
Millennium Information Technology, Chief Operating Officer, Dr. Anush
Amarasinghe said there are many SEC laws and regulations and those vary
from country to country”. The surveillance system which we have designed
for the SEC in Sri Lanka is made according to the laws and regulations
required by the Sri Lankan SEC.
He said it is a system, which is flexible cost effective and user
friendly. So that it is easy to find market manipulations and the
product is proven.
The new system has several back-up systems to protect the data and
information in case of any accident or fault. |
