Wednesday, September 28, 2011

Sri Lanka markets watchdog forms consultative body

Sept 28, 2011 (LBO) - Sri Lanka’s Securities and Exchange Commission (SEC) has formed a consultative body that includes regulators, stock brokers and an investor representative to ensure a wide range of views in policy making.

The markets watchdog at its latest meeting gave its concurrence to establish a Capital Market Industry Consultative Committee, a statement said.

A committee was a key recommendation put forward by industry participants at a recent capital market development workshop held by the SEC.

The recommendation was for a consultative committee "which will take into account the views of various stakeholders that will have an impact on the capital market of Sri Lanka," the statement said.

"This was to ensure that a more robust and inclusive development of the industry as well as to make recommendations for formulation of policy."

The Capital Market Industry Consultative Committee comprises of the SEC chairperson, commission member and director general, a central bank deputy governor, chairman of the Colombo Stock Exchange and its chief executive among regulator participation.

It includes the Colombo Stock Brokers Association president, president of the Unit Trust Association, president, Margin Provider’s Association, president of the Chartered Financial Analyst programme, and specialists on debt and equity markets, an equity market legal specialist and an investor representative.

"It is believed that the expertise and experience of a well represented Committee will benefit the entire capital market of Sri Lanka and this committee is expected to meet on a quarterly basis," the SEC statement said.

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