Feb 24 (Reuters) - Sri Lanka's Securities and Exchange Commission will shorten the 10 percent share price movement limit period to 10 days from 15 with effect from March 1, SEC Chair Indrani Sugathadasa said on Thursday.
The requirement that buyers of stocks under the limit deposit at least 50 percent of the transaction value up front will also be abolished, meaning shares can be bought on credit, she said.
The SEC has clamped a 10 percent share price movement limit on shares to stop manipulation, especially of illiquid stocks.
(Reporting by Shihar Aneez; Editing by Bryson Hull)
source - in.reuters.com
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