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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » SEC mulls minimum free float rules

SEC mulls minimum free float rules

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1SEC mulls minimum free float rules Empty SEC mulls minimum free float rules Tue Sep 10, 2013 2:02 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
* To be introduced within six months:

The Securities and Exchange Commission (SEC) is exploring possibilities of bringing in a minimum free float requirement. ''The rules have been drafted, we are currently obtaining stakeholders’ comments on the new set of rules and we expect these minimum free float rules to be brought in, in the next six months”, said Krishan Balendra, Chairman, Colombo Stock Exchange.

Speaking at the Invest Sri Lanka, Investor Forum in Hong Kong yesterday he said that they have introduced the S&P Index. “Previously we had two local indices, the S&P Sri Lanka 20 Index is a blue chip index with 20 of the largest and most liquid stocks, and it provides foreign investors with a globally recognized index.

“Market cap is low, 19 billion dollars, but it is also low relative to the economy, just 30% of GDP, significantly lower than other markets in the region,” he said. Activity in the stock exchange has increased significantly in the last few years.

“In 2012, of the foreign participation, almost 65% came from funds investing in the market for the first time. So we continue to attract new foreign funds into the market.”

Ajith Nivard Cabraal Governor Central Bank speaking at the event said that today Sri Lanka is a reasonably stable economy with a value of US$ 16 billion.

“Our rupee has been generally stable, even in the phase of intense volatility in the past few weeks.

One of the most stable currencies has been the rupee. Of course it had to have a slight adjustment due to the fact that there were many trading partners of Sri Lanka which have had major changes in their currencies.” “Sri Lanka is a safe place to invest, it has the constitutional guarantees for the investment, the companies are doing better and better and they are being managed better, as a result of which we believe that they would be in a position to earn your trust as well as ensure that your confidence is not misplaced.”

“Sri Lanka is open for business, it is an attractive destination. It has all the features that people would like to use to have good and safe living conditions.

At the same time, the time to invest is now because Sri Lanka is still undervalued and you will have good values as far as your investments are concerned, which over time, would get saturated.” Dr. Nalaka Godahewa, Chairman, SEC said that during the last couple of years, the interest of global fund managers has started shifting towards emerging and frontier markets.

“Of course, recently, there have been certain changes that are happening, but these are ups and downs. We have to make use of these opportunities. One of the problems that Sri Lanka is facing currently is that we're not yet known in the world so that is why we want to make use of opportunities like this - to come and tell you that story.”

“There are so many large companies not yet listed that are currently considering entering the market. In this market, what we saw in the last two years, a very interesting phenomenon after the war, particularly, a lot of foreign investors have started seeing opportunities. In 2010, foreign participation in the market was only about 10 percent.”

“It has grown by now to about 40 percent which is a good sign and shows that foreign funds are seeing the potential in the market. The PE ratios are quite attractive, as you can see, and even though there have been fluctuations, the market has been growing. During the last 12 months it has given an 18 percent return to investors.”
http://dailynews.lk

sriranga

sriranga
Co-Admin
The Colombo Stock Exchange (CSE) is considering the implementation of a minimum 20 percent public float requirement, a top CSE official said.

Speaking during an interview with Euroweek on the sidelines of a roadshow in Hong Kong, CSE Chairman Krishan Balendra stated that a drastically increased minimum public float is being considered in order to combat illiquidity in the market.

“Right now we’re seeing that the Sri Lankan market is fairly illiquid because most companies only have a free float of 5 percent or less.

The Securities and Exchange Commission is currently looking to introduce a minimum free float requirement of 20 percent in the next six months, which will affect the existing listed companies as well,” Balendra was quoted as saying.

Balendra added that the risk of short-term volatility would be outweighed by the potential benefits of improved market liquidity.

While admitting that the prevalent illiquidity allowed Sri Lanka to emerge relatively unscathed from the recent outflow of foreign capital from emerging markets, Balendra had reiterated that liquidity must improve in the long run with the risk of short-term volatility being outweighed by potential benefits.

He went on to state that Sri Lanka is emerging as a viable investment destination with many foreign investors taking an interest in Sri Lankan equities.

“In the first half of 2013, the market was driven mostly by strong foreign inflow in which 65 percent came from investment funds that are investing in the country for the first time.

Four years ago, you’ll be lucky to have one or two foreign investors visiting Sri Lanka in a year. Now we’re seeing three or four, so it’s a big change,” Balendra was quoted as saying.

The CSE’s market capitalization currently stands at approximately 30 percent, comparatively low to regional peers such as Thailand and the Philippines with 77 percent and 87 percent of the GDP, respectively.
http://www.dailymirror.lk/mirror-stock-watch-live/35146-cse-mulls-minimum-20-free-float-requirement.html

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

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