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Thursday, December 30, 2010

Sri Lanka investors have time till June to clear equity positions

Dec 30, 2010 (LBO) - Sri Lankan stock market investors have time till June 30, 2011 to clear existing portfolios acquired through margin trading or credit from brokers, Securities and Exchange Commission Director General Malik Cader said.

"For existing portfolios with brokers we have given time till June 30 to liquidate," he told LBO. "There's no big hurry now to liquidate positions."

An SEC directive giving stock brokers two extra days to force-sell securities of buyers who are in default of the usual settlement period of T+3 to recover their funds applies to new trades after Monday, January 03, and not legacy trades, he said.

"Anything after January 03, if they're unable to settle on T+3, they are given two more days and then the broker will sell on T+5 or else they can transfer to margin trading accounts."

source - www.lbo.lk