SEC Bill presented to Parliament

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By 2017-12-07

By Methmalie Dissanayake

A Bill for the establishment of the Sri Lanka Securities and Exchange Commission, with the aim of creating a fair, efficient, and transparent securities market, was presented to Parliament yesterday (6).

The Bill, which has been drafted on the instructions of the Minister of National Policies and Economic Affairs, was presented to...... Parliament by the Chief Government Whip, Gayantha Karunathilaka.

The new Bill has provisions to repeal the Sri Lanka Securities and Exchange Commission Act No. 36 of 1987. The new Commission will have ten members including the Chairman.

The members will include six individuals from the private sector with thorough knowledge of the subject, an Assistant Secretary named by the Treasury Secretary, a Deputy Governor of the Central Bank, and an accountant other than the Auditor General named by the Council of the Institute of Charted Accountants of Sri Lanka.

The Registrar of Companies will be appointed to the Commission in his official capacity.

The objectives of the Commission include the development of the securities market, advising the government, training, research, market regulation, listing, licensing, and proscribing of securities.

The Bill was published in a Gazette Notification on 17 November 2017.



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