Regulatory Alerts2021-01-01
Guidelines for Accredited Shariah Scholars Recognized as Supplementary Service Providers under the SEC Act No. 19 of 2021
The Securities and Exchange Commission of Sri Lanka issued these guidelines to regulate Accredited Shariah Scholars recognized as Supplementary Service Providers under the Securities and Exchange Commission of Sri Lanka Act No. 19 of 2021. The document mandates that scholars certify Shariah compliance for debt securities and equity indices, requiring approval from at least two accredited scholars for such products before listing or publication. It further establishes strict eligibility criteria, including specific educational and professional experience requirements, alongside rigorous fit and proper standards regarding integrity, financial soundness, and competence.
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