Regulatory Alerts1987-01-01
The Securities Council Act, No. 36 of 1987
The Parliament of Sri Lanka enacted this Act to establish the Securities Council as a corporate body responsible for regulating the national securities market. The legislation mandates the licensing of stock exchanges, brokers, and dealers while granting the Council powers to inspect operations, enforce compliance, and maintain a compensation fund for investor protection. It further prohibits insider trading, unauthorized use of regulated titles, and the lending of customer securities without consent, establishing specific penalties and appeal mechanisms for violations.
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