Securities and Exchange Commission Director General Malik Cader in brief interview with The Island Financial Review said the SEC was always tough on market manipulators and others who contravened capital market laws.
Ever since the ‘junk’ stocks started making waves in the Colombo Stock Exchange mid 2010 the SEC had instigated investigations, calling brokers and investors. Things took time and many analysts criticised the SEC for being a toothless tiger, frustrated by the delay and assuming nothing tangible would ever come out of the investigations.
The market was aware the investigations were on, but the SEC would never commit itself to making a public comment about it.
"Investigations take time, we have to judge the merits of the evidence we uncover. Base on all these, we will take legal action against one investment advisor and send letters of caution to five others and two investors as well. It is not that the SEC is not tough. The SEC is tough," Cader said.
source - www.island.lk
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