Brokers more positive after meeting with SEC

Monday, 17 September 2012 02:48 - - {{hitsCtrl.values.hits}}

Broking firms described the first dialogue with new Chairman of the Securities and Exchange Commission Dr. Nalaka Godahewa last Friday as “very positive”.

Almost all brokers – members of the Colombo Stock Brokers Association (CSBA) and non-members – attended the meeting, which involved two other SEC Commissioners, Acting and Deputy Director Generals and other Directors.

A host of issues had been highlighted by the brokers, whilst SEC had been attentive. Chairman Godahewa had requested brokers to make written submissions, which will be deliberated by the Commissioners before taking a final decision.

However, during the meeting the Chairman had remarked some matters highlighted weren’t real issues but procedural and the CSE would be roped in to address those.

Godahewa had emphasised that whilst he could be described as “market friendly,” brokers were cautioned not to abuse that friendliness by misdeeds as he could be tougher than his predecessor with regard to malpractices if found guilty. He had said the Commission would go by the SEC Act whilst capital market development mandate would be equally addressed as well.

It was assured that in the future investors would not have to worry about a fear psychosis, but investigations on suspected cases of malpractices would be carried out efficiently and professionally.