Trading on the floor of the CSE. SEC Annual Report says that regulations enable the capital market to function more efficiently, transparently and impartially and spur economic development.
Securities and Exchange Commission (SEC) Chairman’s Review in its Annual Report-2014 states that the SEC is firmly committed to taking rigorous action against those who commit regulatory breach, which include market manipulation, misconduct by regulated entities as well as corporate disclosure-related offences etc.
Securities and Exchange Commission (SEC) Chairman’s Review in its Annual Report-2014 states that the SEC is firmly committed to taking rigorous action against those who commit regulatory breach, which include market manipulation, misconduct by regulated entities as well as corporate disclosure-related offences etc.
"Regulations enable capital markets to function more efficiently, transparently and impartially and spur economic development. In addition, SEC’s regulatory jurisdiction extends over market participants institutions and instruments that are traded in the market," the Annual Report stated.
It further said, In terms of regulatory Interventions to Protect Investors of a Public Listed Company, a directive was issued by the SEC on Touchwood Investments PLC, to prevent the alienation of non-current assets and suspend the trades of the company to protect investors pending an investigation by the SEC.
This directive was also extended after the investigation into the company was concluded for the protection of investors. The company was also under liquidation on an application made by creditors to the Commercial High Court of Colombo.
The Commission considering the findings of the investigation reports and the serious consequences that would befall the investors, decided to issue a directive preventing the Company from removing or destroying any records of the company.
The SEC also directed the CSE to suspend trading of shares of Touchwood Investments PLC until the Company releases its interim financial statements to the market. The SEC in doing so took into consideration inter alia the fact that the company has been transferred to the Default Board of the CSE for non-submission of its interim financial statements and the possibility of a liquidator being appointed to wind up the company.
The SEC took an unprecedented step to intervene in the winding up action against Touchwood Investments PLC in a bid to protect the interest of investors and brought to the notice of Court, the findings of the SEC in respect of an investigation conducted into the business affairs of the company that was being sought to be wound up.
Extracts of the investigation report conducted into the affairs of the company was filed in the Commercial High Court for the information of the Court and the liquidator.
A sale of shares by Adam Investments PLC in breach of the Takeovers and Mergers Code was reversed whilst a takeover bid was pending by the said company on PC Pharma PLC and compensation was ordered to be paid to all investors who were affected by the alienation done without the prior approval of the CSE.
Accordingly, the CSE was directed to cancel the sale of PC Pharma PLC shares by Adam Investments PLC done without the prior approval of the CSE which caused the pending mandatory offer to lapse.
The SEC directed all Investment Managers to commence operations within six months of obtaining registration. This was due to a finding that some Investment Managers had not commenced operations although they had obtained a registration to function as Investment Managers.
- (SEC)
It further said, In terms of regulatory Interventions to Protect Investors of a Public Listed Company, a directive was issued by the SEC on Touchwood Investments PLC, to prevent the alienation of non-current assets and suspend the trades of the company to protect investors pending an investigation by the SEC.
This directive was also extended after the investigation into the company was concluded for the protection of investors. The company was also under liquidation on an application made by creditors to the Commercial High Court of Colombo.
The Commission considering the findings of the investigation reports and the serious consequences that would befall the investors, decided to issue a directive preventing the Company from removing or destroying any records of the company.
The SEC also directed the CSE to suspend trading of shares of Touchwood Investments PLC until the Company releases its interim financial statements to the market. The SEC in doing so took into consideration inter alia the fact that the company has been transferred to the Default Board of the CSE for non-submission of its interim financial statements and the possibility of a liquidator being appointed to wind up the company.
The SEC took an unprecedented step to intervene in the winding up action against Touchwood Investments PLC in a bid to protect the interest of investors and brought to the notice of Court, the findings of the SEC in respect of an investigation conducted into the business affairs of the company that was being sought to be wound up.
Extracts of the investigation report conducted into the affairs of the company was filed in the Commercial High Court for the information of the Court and the liquidator.
A sale of shares by Adam Investments PLC in breach of the Takeovers and Mergers Code was reversed whilst a takeover bid was pending by the said company on PC Pharma PLC and compensation was ordered to be paid to all investors who were affected by the alienation done without the prior approval of the CSE.
Accordingly, the CSE was directed to cancel the sale of PC Pharma PLC shares by Adam Investments PLC done without the prior approval of the CSE which caused the pending mandatory offer to lapse.
The SEC directed all Investment Managers to commence operations within six months of obtaining registration. This was due to a finding that some Investment Managers had not commenced operations although they had obtained a registration to function as Investment Managers.
- (SEC)
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