New SEC Act comes into force

The new Act of the Securities and Exchange Commission (SEC) came into force on Tuesday following the certification by the Speaker Mahinda Yapa Abeywardena.

The development follows the SEC Bill being passed by Parliament earlier this month without a vote. 

The new law, which will replace the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 and aims to regulate the capital market in keeping with current international best practices.