Joint SEC-CSE Committee to broadbase capital market

A joint committee of the Securities and Exchange Commission (SEC) and the Colombo Stock Exchange (CSE) has been mooted to broadbase capital market and make it more dynamic.

The SEC said yesterday it considers it important to identify measures that are required to broadbase the capital market as well as to educate and create awareness amongst the public.

The proposals submitted by the Colombo Stock Exchange (CSE) subsequent to discussions with the SEC also identified this need.

Therefore, the SEC is of the view that a joint committee of the SEC and the CSE be appointed in order to consider measures that need to be taken to broadbase the capital market and to educate and create awareness amongst the general public and to make appropriate recommendations.

The SEC Chairman has nominated Commission Members Suhada Gamalath PC, Sunil Lankathilake, Manil Jayesinghe, Naresh Abeysekera, the Director General Chinthaka Mendis and directors Tushara Jayaratne and Prabash Wanigatunge to serve as the SEC nominated members of the Committee.

The Chairman of the CSE has been requested to nominate its members to the Committee.

The terms of reference of the Committee will be as follows: To identify measures that are required to encourage companies to use the capital market to raise capital, foster broad visibility and collaboration regionally and internationally, engage in stakeholder education and awareness with an intention to broad-base the investor community and enhance investor confidence, and facilitate greater public participation in the securities market across the geographical regions of the country and internationally.