More IPOs in the offing - Charumini DE SILVA
There are another four to five Initial Public Offerings (IPOs) listed for this year. The Securities and Exchange Commission (SEC) is optimistic about the positive trend in the market, SEC Chairman Udayasiri Kariyawasam said.
"During the last financial year, Colombo Stock Exchange (CSE) broke all previous records and renewed the capital market history becoming the second best performing stock market in the world," he said.
"This is the best time for corporate sector who have not yet entered the capital market to get listed. Entering into the market at this stage will help them to raise more capital since the risk at present is zero percent," he said.
The SEC is planning to make it mandatory for Insurance companies to get listed in the CSE by the end of April or in the beginning of May. This will also enhance the number of major institutional investors in the CSE.
"Some of the investors were complaining that the transaction cost was comparatively high. The SEC has already taken steps to reduce the transaction prices by July 1. This will give a better opportunity for the small and medium investors to enter the capital market," Kariyawasam said.
He said the Takeover and Mergers Code has been re-drafted and the SEC is planning to apply it by the second quarter 2010.
The amendments to the SEC Act have been forwarded to Parliament for approval and it is expected to introduce more investment tools to the market.
SEC will commence operations in the Jaffna Stock Exchange by the end of this month.
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source -www.dailynews.lk
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