Sec continues engaging with capital market stakeholders


Representatives of the Ceylon Chamber of Commerce meeting with stock broker firms on digitalization of the Colombo stock market

As part of its continuing efforts to reach out to market participants . Viraj Dayaratne PC, chairman of the Securities and Exchange Commission of Sri Lanka (SEC) along with other Commission members met with representatives of the Ceylon Chamber of Commerce, Law firms and stockbroker firms. These interactions were held as part of a series of meetings that the chairman commenced with various stakeholders after assuming office in January 2020.

During the meetings, the chairman briefed the delegates on the reasons that prevented the stock market from being opened during the recent curfew which was imposed by the government in order to minimize the risk of the COVID-19 (coronavirus) spreading. He went on to state that in order to ensure that there were no operational difficulties in similar situations in the future, he had appointed a joint committee comprising members of the SEC and Colombo Stock Exchange (CSE) to digitize all core activities of the market and that the process of such digitization was progressing smoothly and that they were hopeful that within a period of three months it would be possible to have such a system in place. The SEC recently approved the amendment of the necessary rules to offer investors a fully digital onboarding experience. This transformation is expected to enable stockbrokers to strengthen service delivery, improve efficiency and have greater agility.

The delegation from the Chamber pointed out the need to encourage more companies to list as well as to have in place an apex committee comprising capital market stakeholders including the SEC, CSE, Central Bank of Sri Lanka, Ministry of Finance and other key policy makers including industry bodies to decide on matters related to capital market policy.

The chairman welcomed the suggestions and stated that the SEC fully appreciates the need to attract more companies to list, especially Small and Medium Scale Enterprises (SMEs) and explained to the delegation that already the SEC has taken certain steps in that direction and pointed out that it had approved the amendments in respect of listing requirements applicable to the Main Board as well as the Dirisavi Board and that they will come into force in the near future.

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