SEC directs lift of 10% price band

Securities and Exchange Commission of Sri Lanka (SEC) has decided to direct the Colombo Stock Exchange to lift the 10% price band, imposed for five market days on certain securities based on an agreed formula which takes into account volatility and volumes with immediate effect.

The SEC will continue to monitor the behavior of the market and the price band may be re-imposed in future if the situation so warrants.

Monetary Board of the Central Bank of Sri Lanka has granted the People's Merchant PLC the licence to carry on finance business under the Finance Business Act No 42 of 2011 with effect from April 17.