Regulatory Alerts2003-04-29
Added · Updated
Securities and Exchange Commission of Sri Lanka (Amendment) Act, No. 18 of 2003
The Act amends the Securities and Exchange Commission of Sri Lanka Act, No. 36 of 1987, to authorize the Commission to grant licenses to managing companies and register market intermediaries. It introduces new sections establishing a cess on securities transactions and a Cess Fund for market development, while mandating Commission approval for securities issues and imposing a one-year listing prohibition on certain share allotments. The legislation also updates appeal procedures to the Court of Appeal within fourteen days and defines grounds for suspending or canceling licenses and registrations for stock brokers, dealers, managing companies, and trustees.
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