Regulatory Alerts1991-01-01
Securities Council Amendment Act No 26 of 1991
The Parliament of Sri Lanka enacted this legislation to rename the Securities Council as the Securities and Exchange Commission of Sri Lanka and to expand its regulatory mandate. The Act grants the Commission new powers to license and supervise unit trusts, take over the administration of stock exchanges in the public interest, and enforce stricter conduct rules for market participants. It also introduces provisions for license suspension or cancellation based on false information and establishes specific penalties for fraudulent trading practices.
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