Regulatory Alerts2023-10-06
Added · Updated
Directive on Disciplinary Actions for Listing Rule Non-Compliances
The Securities and Exchange Commission of Sri Lanka directs the Colombo Stock Exchange to impose disciplinary actions or administrative sanctions on listed entities and their directors for non-compliances including delayed submission of annual reports or interim financial statements, and failure to disclose rating revisions or material information. Sanctions may include penalties up to Rupees 5 million, letters of caution or warning, and public reprimands, provided the entities receive notice and an opportunity to be heard. The directive excludes companies listed on the Empower Board and State Owned Enterprises listed on the Catalist Board from these sanctions and requires the Exchange to notify the Commission and publish information regarding any actions taken. These guidelines are effective from the date of the directive.
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