Securities and Exchange Commission of Sri Lanka (Amendment) Act, No. 47 of 2009

PARLIAMENT OF THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA SECURITIES AND EXCHANGE COMMISSION OF SRI LANKA(AMENDMENT) ACT, No. 47 OF 2009 Printed on the Order of Government [Certified on 22nd September, 2009] PRINTED AT THE DEPARTMENT OF GOVERNMENT PRINTING, SRI LANKA TO BE PURCHASED AT THE GOVERNMENT PUBLICATIONS BUREAU, COLOMBO 5 Price : Rs. 1.50 Postage : Rs. 5.00 Published as a Supplement to Part II of the Gazette of the Democratic Socialist Republic of Sri Lanka of September 25, 2009

Securities and Exchange Commission of Sri Lanka (Amendment) Act, No. 47 of 2009 1 [Certified on 22nd September, 2009] L.D.—O. 23/2008. AN ACT TO AMEND THE SECURITIES AND EXCHANGE COMMISSION OF SRI LANKA ACT, NO. 36 OF 1987 BE it enacted by the Parliament of the Democratic Socialist Republic of Sri Lanka as follows :—

1. This Act may be cited as the Securities and Exchange Commission of Sri Lanka (Amendment) Act, No. 47 of 2009.
2. Section 3 of the Securities and Exchange Commission of Sri Lanka Act, No. 36 of 1987 (hereinafter referred to as the “principal enactment”) is hereby amended by the repeal of sub-paragraph (ii) of paragraph (a) of subsection (1) of that section and the substitution therefor of the following:— “(ii) six other persons drawn from the private sector possessing professional expertise, wide experience and proven competency in the fields of law, finance, banking or business in order to reflect the multi￾disciplinary character of the Commission.”.
3. Section 13 of the principal enactment is hereby amended by the insertion immediately after paragraph (c) thereof of the following paragraph:— “(cc) to issue general or specific directives to listed public companies from time to time.”
4. Section 55 of the principal enactment is hereby amended by the substitution for the definition of the expression “securities” of the following definition:— “securities” means debentures, stocks, shares, funds, bonds, derivatives including futures and options whatever the nature of the underlying asset relied on or notes issued or proposed to be issued, by any government or Short title. Amendment of section 3 of Securities and Exchange Commission of Sri Lanka Act, No. 36 of 1987. Amendment of section 13 of the principal enactment. Amendment of section 55 of the principal enactment.

Securities and Exchange Commission of Sri Lanka (Amendment) Act, No. 47 of 2009 2 Sinhala text to prevail in case of inconsistency. of any body, whether incorporate or unincorporated, including any rights, options or interests (whether described as units or otherwise) therein or in respect thereof, or any other instruments commonly known as securities, but does not include bills of exchange or promissory notes or certificates of deposits issued by a bank;”. 5. In the event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.

Securities and Exchange Commission of Sri Lanka (Amendment) Act, No. 47 of 2009 3 Annual subscription of English Bills and Acts of the Parliament Rs. 885 (Local), Rs. 1,180 (Foreign), Payable to the SUPERINTENDENT, GOVERNMENT PUBLICATIONS BUREAU, DEPARTMENT OF GOVERNMENT INFORMATION, NO. 163, KIRULAPONA MAWATHA, POLHENGODA, COLOMBO 05 before 15th December each year in respect of the year following.