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SEC cautions five investment advisors, two investors

Notice of Action to one investment advisor:

The Securities and Exchange Commission of Sri Lanka (SEC) by virtue of the powers vested in it under the provisions of the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 as amended, conducted an investigation pertaining to heightened trading activity and the unusual price escalation witnessed by the shares of Dankotuwa Porcelain PLC, Blue Diamonds Jewellery Worldwide PLC, Touchwood Investments PLC and in the warrants of Environmental Resources Investments PLC during the period July 1 - August 3 2010.

The evidence elicited during the course of the aforesaid investigation suggested that the trades in some of the aforesaid securities which had been executed by five investment advisors amongst several (including a trainee investment advisor) representing three stock broking firms and two out of a large number of investors could possibly be construed as trades of a manipulative nature.

In the above circumstances, the Members of the Commission, at its 285th Meeting, held on August 19 2011, having considered the matters highlighted in the investigation report decided to caution the five investment advisors and the two investors in writing. Accordingly, the said investment advisors as well as the investors were cautioned against execution of trades in future which can be perceived as manipulative.

Further, the Members of the Commission, at the above meeting having considered the findings of an investigation pertaining to suspected market/price manipulation in the shares of MTD Walkers PLC during 11th - 19th January 2010 decided to issue Notice of Action to another investment advisor intimating that proceedings will be instituted against him in terms of the provisions of the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 as amended.

Consequently, Notice of Action was issued on the aforesaid investment advisor in respect of the contravention of Rule 12 of the SEC Rules published in the Gazette Extraordinary No. 1215/2 dated 18th December 2001.

 

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