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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Warnings only for market offenders

Warnings only for market offenders

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1Warnings only for market offenders Empty SEC investigations dragging on Fri Jun 21, 2013 12:16 am

sriranga

sriranga
Co-Admin
Warnings only for market offenders 81755910
Investigations by the capital market watchdog is dragging on after its former chief Tilak Karunaratne alleged that attempts were made to stall investigations into rampant market offences which prompted him to resign with disgust.

His predecessor Ms. Indrani Sugathadasa resigned for the same reason citing her principles.

When Karunaratne resigned in August last year, he had told COPE that 17 investigations were pending.

The Securities and Exchange Commission (SEC) conducted 19 investigations into market malpractices in 2012 of which 12 were pending at the end of the year, data presented by the capital market watchdog in its 2012 annual report released on Wednesday showed. In 2011, 18 investigations were carried out with nine pending at the end of the year.

In 2012, four investigations into suspected market/price manipulation were concluded without any action being taken in the absence of material evidence. One investigation was pending litigation. Two investigations concluded with warning letters issued.

In 2011, two investigations were pending litigation and five investigations resulted in the issuance of warnings. Two investigations led to offences being compounded without the admission of guilt.

"During the year 2012, a total of 54 surveillance referrals were prepared on various issues. In addition, the SEC also received 14 surveillance referrals from CSE. The number of surveillance referrals increased to 54 in 2012, compared to 33 in 2011, an increase of 64%. This increase in referrals can be attributed to the full implementation of the new surveillance system. Apart from the alerts that are generated by the system itself, additional data and analysis tools are available and this has led to both increased detection as well as the ability to build better cases of any perceived market malpractices," the 2012 annual report of the SEC said.

"During the year 2012, a total number of 19 investigations were conducted by the SEC into instances of suspected market misconduct, including market/price manipulation, insider dealing, front-running, etc.

"The year under review also saw several enforcement actions being taken by the SEC in respect of offences/irregularities committed under the SEC Act and the rules/regulations made thereunder.

"Of significance in this respect were the warnings issued to two investment advisors and three investors following an investigation conducted into suspected market/price manipulation, upon the conclusion of which the stock broking firm through which the manipulative trades had been executed was also cautioned by the SEC.

"Pursuant to another investigation conducted by the SEC into a case of suspected front-running, two investment advisors were warned, and such warnings were publicized on the website of the SEC.

"Out of the total number of investigations conducted in 2012, two investigations remained suspended throughout the year owing to the reason that the issues pertaining to the said investigations formed the subject matter of pending litigation," the SEC said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=81755

http://sharemarket-srilanka.blogspot.co.uk/

2Warnings only for market offenders Empty Re: Warnings only for market offenders Fri Jun 21, 2013 8:59 am

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Ayyooo again this is coming up....
some one wants to bring CSE down Very Happy

3Warnings only for market offenders Empty Warnings only for market offenders Sun Jun 23, 2013 12:06 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
By The Nation

Sri Lanka’s capital market regulator, the Securities and Exchange Commission of Sri Lanka (SEC) says it conducted 19 investigations into instances of suspected market misconduct, including market/price manipulation, insider dealing, front-running, etc. during the year 2012, where of significance in this respect were the warnings issued to two investment advisors and three investors. According to its 2012 Annual Report released last week, four investigations were conducted relating to suspected Insider Dealing (trading in the shares of a listed company whilst in the possession of unpublished price sensitive information in respect of the securities of the said Company), 11 related to suspected market/price manipulation (creation of a false or misleading appearance in respect of the trading or the price of any securities listed on a stock market) and two investigations relating to suspected front running (trading in securities of a Company ahead of a significant purchase or sale of securities of such Company, for a client, with the intent to profit by trading in the said securities thereafter).

“Of significance in this respect were the warnings issued to two investment advisors and three investors following an investigation conducted into suspected market/price manipulation, upon the conclusion of which the stock brokering firm through which the manipulative trades had been executed was also cautioned by the SEC”, the regulator said adding that out of the total number of investigations conducted in 2012, two investigations remained suspended throughout the year owing to the reason that the issues pertaining to the said investigations formed the subject matter of pending litigation.

It noted that out of the four investigations into suspected Insider Dealing whilst one such investigation report was already finalized the other three matters were at the report compilation stage as at the end of the year.

Meanwhile, the regulator added that during the year under review, four other investigations into suspected market/price manipulation were concluded without taking any enforcement action in the absence of material/evidence to legally sustain any manipulative conduct against the investors and/or the investment advisors concerned.

The report noted that one comprehensive investigation was conducted regarding nine surveillance referrals pertaining to suspected market/price manipulative activity by the same cartel of investment advisors.

“As at end of 2012, the matter was at the report compilation stage. At the end of year 2012, five investigations into suspected market/price manipulation inclusive of the one referred to above were pending”, an extract on details of investigations said.

The SEC is presently waiting for feedback from the Attorney General’s Department regarding its draft proposal to the SEC Act, which it says would hopefully give the capital market watchdog enough teeth to effectively deal with market offenders.
- See more at: http://www.nation.lk/edition/biz-news/item/18638-warnings-only-for-market-offenders

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