SEC mulls commodity exchange
Directives to strengthen capital market :
Sanjeevi JAYASURIYA
The introduction of the commodity exchange to the Sri Lanka’s capital
market is at an early stage.
The Securities and Exchange Commission Sri Lanka (SEC) is exploring
possibilities of having a commodity exchange in the country and
obtaining the necessary information.
The Colombo Stock Exchange |
“We seek expressions of interest from market stakeholders, Securities
and Exchange Commission of Sri Lanka Chairperson Indrani Sugathadasa
told Daily News Business.
“The commodity exchange is at a very early stage and we could see
some results in time to come,” she said.
She also said the increase in the share transaction levy from 0.2
percent to 0.3 percent from January 1 will not have any negative effect.
This increase was introduced considering requests from the market
participants. The negative market performance yesterday was not related
to the increase in the levy, Sugathadasa said.
The SEC also has granted stock brokers two extra days from January 1,
2011 to force-sell securities of buyers who are in default of the usual
settlement period to recover their funds, a Colombo Stock Exchange
statement said yesterday.
Commenting on the introduction of this directive to stock brokers
Sugathadasa said the SEC does not want to see the capital market run on
credit.
“We introduced this directive to strengthen the market and to ensure
stability. We have an effective and efficient clearing system,” she
said.
The SEC has taken measures to improve the quality of investment
analysts by providing professional training to facilitate a vibrant
stock market.
“We have trained over 300 persons to enter the stock market as
investment analysts. The SEC conducts compulsory continuous professional
education programs for stock brokers to maintain and uplift their
standard in the share market performance, Securities and Exchange
Commission of Sri Lanka Director-General Malik Cader said.
“These measures were in place to maintain professionalism in Sri
Lanka’s capital market. The market performance will have a positive
impact and Sri Lanka will be able to maintain its high performance in
the future too,” he said. |