Having reviewed the current market conditions, the Securities and Exchange Commission of Sri Lanka (SEC) at its 277th meeting held on 27th April 2011 has decided to further reduce the period of market days to which public listed companies would be placed under the 10% price band as a consequence of being captured under the formula (designed by the Colombo Stock Exchange and confirmed by the SEC) from 10 market days to 5 market days, the capital market watchdog said in a statement yesterday (28).
"The SEC will continue to closely monitor market conduct, especially in relation to the price volatility in the market and will consider further relaxations if deemed fit. However the SEC may re-impose any conditions that have been relaxed so far if the market conditions so warrant.
"Therefore the Colombo Stock Exchange is hereby directed henceforth to subject public listed companies captured under the above said formula to a 10% price band for 5 market days only until further notice.
"The above said directive shall be effective from 29th April 2011," the SEC said.
source - www.island.lk
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