The introduction of the commodity exchange to the Sri Lanka’s capital market is at an early stage.
The Securities and Exchange Commission Sri Lanka (SEC) is exploring possibilities of having a commodity exchange in the country and obtaining the necessary information.
“We seek expressions of interest from market stakeholders, Securities and Exchange Commission of Sri Lanka Chairperson Indrani Sugathadasa told Daily News Business.
“The commodity exchange is at a very early stage and we could see some results in time to come,” she said.
She also said the increase in the share transaction levy from 0.2 percent to 0.3 percent from January 1 will not have any negative effect. This increase was introduced considering requests from the market participants. The negative market performance yesterday was not related to the increase in the levy, Sugathadasa said.
The SEC also has granted stock brokers two extra days from January 1, 2011 to force-sell securities of buyers who are in default of the usual settlement period to recover their funds, a Colombo Stock Exchange statement said yesterday.
Commenting on the introduction of this directive to stock brokers Sugathadasa said the SEC does not want to see the capital market run on credit.
“We introduced this directive to strengthen the market and to ensure stability. We have an effective and efficient clearing system,” she said.
The SEC has taken measures to improve the quality of investment analysts by providing professional training to facilitate a vibrant stock market.
“We have trained over 300 persons to enter the stock market as investment analysts. The SEC conducts compulsory continuous professional education programs for stock brokers to maintain and uplift their standard in the share market performance, Securities and Exchange Commission of Sri Lanka Director-General Malik Cader said.
“These measures were in place to maintain professionalism in Sri Lanka’s capital market. The market performance will have a positive impact and Sri Lanka will be able to maintain its high performance in the future too,” he said.
source - www.dailynews.lk
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