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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » CSE reports 61 market manipulation cases

CSE reports 61 market manipulation cases

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1CSE reports 61 market manipulation cases Empty CSE reports 61 market manipulation cases Sun Nov 24, 2013 3:30 am

sriranga

sriranga
Co-Admin
Draft bill before cabinet to strengthen law

By Saman Indrajith

Deputy Finance Minister Dr Sarath Amunugama told Parliament yesterday that 67 cases of insider dealings and 61 market manipulation cases like ‘Pump and Dump’ had been reported from Colombo Stock Exchange.

Responding to a question asked by UNP Colombo District MP, Ravi Karunanayake, the Minister said that during the period from 2008 to 2012, the investigation unit of the Securities and Exchange Commission has found 182 instances of suspected dealings in the CSE. Of them 38 had been investigated.

Since January 2013, the SEC investigators had noticed 10 instances of abnormal transactions suspected to be inside dealings.

Asked to reveal the names of the companies that involved in those cases, the minister refused to give the names saying that the cases had been filed against individuals and not against companies.

Asked whether the existing laws are sufficient to overcome the manipulators in the CSE, the Minister responded that the provisions of the SEC regulations introduced under the Gazette No 1215/2 dated December 18, 2001 and added the cases related to artificial influencing of CSE shares would be heard in criminal courts.

The Minister said that action was being taken to amend the existing laws to curb market manipulations in the CSE. A draft bill and related Cabinet paper prepared by the SEC have been forwarded for the approval of the Cabinet of ministers to make the cases against market manipulations to be heard before not only in criminal courts but also in civil courts.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=92689

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

2CSE reports 61 market manipulation cases Empty Ravi K rakes up insider trading at CSE Mon Nov 25, 2013 1:22 am

sriranga

sriranga
Co-Admin
By Ashwin Hemmathagama Our Lobby Correspondent

Opposition MP Ravi Karunanayake revealed details of insider trading and market manipulations in Parliament last Saturday, and pointed to the Government’s inability to establish investor confidence at the Colombo Stock Exchange and punish a “handful of unscrupulous rogues”.

Karunanayake said that two former chief regulators of the stock market had resigned in protest over the scandalous state of the Colombo Stock Exchange.

“Former Securities and Exchange Commission heads, Indrani Sugathadasa and Thilak Karunarathne, exposed these illegal operations. These scams must stop for the sake of this country,” he asserted.
Karunanayake alleged high net worth investors Dilith Jayaweera and Ajith Devasurendra were both engaged in the pump-and-dump concept at the stock exchange.

“They put the sustainability of the stock exchange at risk. Why are these people allowed to continue like this?” he said.

According to the UNP MP, innocent retail investors lack the confidence to invest because of a handful of unscrupulous individuals.

Raising a series of supplementary questions, Karunanayake pointed to how the assets of Ceylinco Company were stripped and handed out to friends of top Central Bank officials. “Ajith Devasurendra was involved in the NSB deal that tainted the Government,” said Karunanayake said.

In response, Minister of International Monetary Co-operation and Deputy Minister of Finance and Planning Dr. Sarath Amunugama asked Karunanayake to hand over any evidence that he had against Jayaweera and Devasurendra, allowing the SEC to take action.

According to Amunugama, 67 investigations have been conducted from the inception in relation to insider dealings at Colombo Stock Exchange. Apart from these, the Minister tabled details of 61 pump-and-dump style market manipulations at CSE.

“During the five-year period January 2008 till December 2012, the surveillance, investigations and enforcement division of the SEC has found 182 irregular transactions conducted on shares of listed companies. Investigation of 38 such activities have been concluded. There are 10 such incidents found during the 11-month period from January 2013. Investigations have been concluded over two incidents,” said Minister Dr. Amunugama, who said that the prevailing legal framework in Sri Lanka was adequate to net the culprits.
http://www.ft.lk/2013/11/25/ravi-k-rakes-up-insider-trading-at-cse/

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

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Evidence would be right there in the trading system isn't it..? Everything is recorded there...
Why don't they go and check..??

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