Clarification on the Administration of Section 5(4) of the Delisting Rules

SEC SECURITIES AND EXCHANGE
COMMISSION OF SRI LANKA

By Hand

1st July 2014

Ref: SEC/LEG/14/07/01

To: The Colombo Stock Exchange

Directive issued under Section 13(c) of the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 (as amended)

The Securities and Exchange Commission of Sri Lanka (SEC) at its 339th meeting held on 24th June 2014 having deliberated on the administrative procedure relating to voluntary delisting set out in Section 5 of the rules issued by SEC via Gazette Extraordinary No. 1215/2 dated 18th December 2001 decided to furnish a clarification to Section 5 (4) of the aforesaid rules on the imposition of the trading suspension on the securities of the company making an application for delisting.

Therefore the Colombo Stock Exchange is hereby directed as follows;

1. A trading suspension imposed under Section 5(4) of the aforesaid rules on the securities of a company making an application for delisting shall remain in force where the Commission approves such application

2. A trading suspension imposed under Section 5(4) of the aforesaid rules on the securities of a company making an application for delisting shall be immediately lifted where the Commission decides to reject such application.

This directive shall be effective from the date hereof and all delisting applications made from the date hereof shall be administered accordingly.

[Signature]

Dhammika Perera
Deputy Director General / Officer-in-Charge aa/sw

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