Bill presented to establish new Securities and Exchange Commission

By Saman Indrajith 

A bill was presented to Parliament yesterday for the establishment of the Sri Lanka Securities and Exchange Commission with the aim of creating a fair, efficient and transparent securities market.

The bill, drafted on the instructions of the Minister of National Policy and Economic Affairs, was tabled in Parliament by Government Chief Organizer Gayantha Karunathilake.

The new Bill provides for the repeal the Sri Lanka Securities and Exchange Commission Act No 36 of 1987. The new commission will have ten members including the Chairman.

The members will include six individuals from the private sector with a thorough knowledge of the subject, an Assistant Secretary named by the Treasure Secretary, a Deputy Governor of the Central Bank and an accountant other than the Auditor General named by the Council of the Institute of Chartered Accountants of Sri Lanka.

The Registrar of Companies will be an ex officio member of the commission.

The objectives of the commission include the development of securities market, advising the government, training, research, market regulation, listing, licensing and proscribing of securities.

The bill was gazetted on November 17, 2017.

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