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Because if you own some share what would you tell your clients to buy or sell? This was an important rule put by Thilak to prevent broker hut owners buying and selling in shares for 6 months/ locking period. For example Capital Trust holdings owns large chunks of shares in questionable shares like TWOD, Echannel and Citrus hotel or something. (I can't remember which one Kalpitiya or Waskaduwa, But the food is very good and the rooms are very spacious. You should go there too (Warning: Sarcasm) ) Would the same broker hut advise the client to don't buy that share because it's not worth that much. Or what would they do when they won't to sell their shares? They would advise the clients that share is a value gem buy it (won't say because our broker hut owner wants to dump it)
This rule would prevent the broker hut owners pumping and dumping their portfolios to the clients who are advised by the same analyst / adviser what to buy or not buy. In professional terms you call it 'conflict of interest'. What would the SEC chairman appointed the brokers would do? Keep an eye on this. This could be removed secretly under cover from something else. This would only profit the broker huts to do their suduwa and harvest your money not only as broker fees but much more than that.
Thilak used to say some brokers even put their BMW as a net asset in accounts.
Other proposals are all things to do with broker welfare
This rule would prevent the broker hut owners pumping and dumping their portfolios to the clients who are advised by the same analyst / adviser what to buy or not buy. In professional terms you call it 'conflict of interest'. What would the SEC chairman appointed the brokers would do? Keep an eye on this. This could be removed secretly under cover from something else. This would only profit the broker huts to do their suduwa and harvest your money not only as broker fees but much more than that.
Among key proposals submitted by the CSBA were revision in credit rule especially the formula for computing the net capital, revisit the temporary restrictions placed on trading of shares by broking firms executive directors, employees, their spouses and their nominees, ways to deal with settlement failures if any, use of CRIB data to assess credit worthiness of clients, assistance to improve front-end and back-office infrastructure of brokers, expedite demutulisation process of the CSE, a formal consultative mechanism and a task force to prepare a capital market development roadmap.
http://www.ft.lk/2012/10/08/sec-commission-meeting-today-brokers-upbeat/
Thilak used to say some brokers even put their BMW as a net asset in accounts.
Other proposals are all things to do with broker welfare
