Brokers to submit net capital statement monthly

All stock brokers are being required to submit to the SEC and CSE the adjusted net capital statement on a monthly basis along with other financial statements.

This is part of implementing the new SEC directive on broker credit announced on Monday.

The SEC permitted stock brokers to extend credit to a limit of three times adjusted net capital, which is the net capital computed as per the Colombo Stock Exchange member regulations less 50% of fixed assets.

In doing so, the SEC repealed earlier regulations which were effective through a directive issued in August 2011.