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Sri Lanka stock website shuts after regulator warning

+4
KDS
dhamm
$$$
Quibit
8 posters

Go down  Message [Page 1 of 1]

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Sri Lanka stock investment website has closed after warnings against misleading investors by the capital markets regulator, whose officials said they were cracking down on such sites.

An official at the Securities and Exchange Commission said they warned the people operating the website, saying misleading advice that influence share prices could violate SEC regulations.
The operator of the site, investnow.lk, decided to close last week after the warning by the regulator.

A notice posted on the website said it was "temporarily suspending" the forum in order to "rework" its strategy and create a "professional entity that will continue to help investors navigate the great depths of the market and act to be a credible guide with the help of you all, the community."

It said it would act in a manner that "best serves the community . . . and be free from manipulative control through education and creating awareness."

The site offered to refund members for any services paid for that are still valid.

The SEC official said they were also monitoring other websites that offer advice on investing in the stock market which has been on a bull run since the island's 30-year ethnic war ended in 2009.

The SEC was also investigating stock brokers believed to be behind some of the websites that offer advice to investors, he said.

The Colombo bourse was Asia's second-best performing market last year.

Courtesy - LBO

$$$


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Poor Rehan...he should have seen it coming though ....Invest Now was a ses pool of stock peddlers. It's a good eye opener for every sites to look out for such Fraudsters.

dhamm


Manager - Equity Analytics
Manager - Equity Analytics

True, manipulating websites should be banned.

Then what about brokers who manipulate? Simply, how can a broker gives a buy/sell signals? Its also a manipulation in broad sense?

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

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KDS

KDS
Senior Equity Analytic
Senior Equity Analytic

As claimed if Rehan is 24 years old, he has got much publicity in Sri Lanka already at this age. Good for the kid.

Academic


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Once the ship is sunk, the jobless pirates try to invade another ship. If that ship is also sunk, they just find another ship. Only the ship owner will have to suffer.

We are doing a free service here. If it is really free service, there is a upper-limit of time (hours) one may spend on writing/helping others on this forum. I strongly believe if someone consistently exceeds the time spend on this forum to that of a neutral member motivated by philanthropic intentions, he/she is highly likely to have some other intention (getting a financial gain, either by price increase/decrease of a stock or market).

I, therefore, request users of this forum to be suspicion on that kind of posters. This idea is based on observations I made in Investnow.lk.

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics

Academic wrote:Once the ship is sunk, the jobless pirates try to invade another ship. If that ship is also sunk, they just find another ship. Only the ship owner will have to suffer.

We are doing a free service here. If it is really free service, there is a upper-limit time one may spend on writing/helping others on this forum. I strongly believe if someone consistently exceeds the time spend on this forum compared to a neutral member motivated by philanthropic intentions, that person is highly likely to have some other intention (getting a financial gain, either by price increase/decrease of a stock or market).

I, therefore, request users of this forum to be suspicion on that kind of posters. This idea is based on observations I made in Investnow.lk.

nah! some people just like to post and hang out. that's how forums are. there is a real social element to it as well. It becomes sort of fun and people end up sharing good information.

even if you take academia, there is no way it can function properly without free flow of information and a community of people who are willing to share.

Superman


Stock Trader

The SEC was also investigating stock brokers believed to be behind some of the websites that offer advice to investors, he said.

lol i think that is this site???

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics

Superman wrote:The SEC was also investigating stock brokers believed to be behind some of the websites that offer advice to investors, he said.

lol i think that is this site???

really!

who do you think is a broker here?

Superman


Stock Trader

from srilanka equity website "We are a team of professionals with over 20 years of experience and expertise in the equity market of Sri Lanka" plus i know personally some of the people running this site are brokers and also quibit mentioned in a thread she is a former broker.

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics

Superman wrote:from srilanka equity website "We are a team of professionals with over 20 years of experience and expertise in the equity market of Sri Lanka" plus i know personally some of the people running this site are brokers and also quibit mentioned in a thread she is a former broker.

Oh ok. but professional doesn't mean brokers

Superman


Stock Trader

thats y i put the other pointss!

13Sri Lanka stock website shuts after regulator warning Empty Is this site run by a bunch of brokers? Mon Jan 31, 2011 10:37 pm

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics

Superman wrote:from srilanka equity website "We are a team of professionals with over 20 years of experience and expertise in the equity market of Sri Lanka" plus i know personally some of the people running this site are brokers and also quibit mentioned in a thread she is a former broker.

is this accusation true.

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics

If it is true interesting to know who the Brokers behind the wall

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics

if none of these people are brokers can't superman get sued for defamation

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

This accusation is completely false and carried out with malicious intentions. Just ignore.

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