Regulatory Alerts2013-09-27
Draft Rules on Minimum Public Float as a Continuous Listing Requirement
The Securities and Exchange Commission of Sri Lanka issued Consultation Paper 19 proposing draft rules that mandate a minimum public float of 20% for Main Board and 10% for Diri Savi Board listed companies. The regulations require immediate disclosure and a 12-month rectification plan if a listed entity fails to maintain these thresholds, with non-compliance resulting in transfer to the Default Board. Transitional provisions allow existing companies to achieve compliance over two years, while the SEC retains discretion to grant extensions or waivers under specific circumstances.
Share