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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » SEC gets tough with stock broking firms

SEC gets tough with stock broking firms

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1SEC gets tough with stock broking firms Empty SEC gets tough with stock broking firms Thu Jun 25, 2015 9:16 am

Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Considering the mounting pressure from the minority investor community, the Securities and Exchange Commission of Sri Lanka (SEC) is finally considering to introduce a mandatory rating system for stock broking firms to improve investor confidence.


"In order to enable especially retail investors to select a stock broker by ascertaining the credibility of the firm, the SEC is exploring the possibility of introducing a mandatory rating for stock broking firms.", Chairman of the Securities and Exchange Commission of Sri Lanka Thilak Karunaratne, said in his review of the 2014 annual report which was released to media yesterday.



"It is envisaged that this rating will aim to preserve the integrity of the market and protect investor interest." he said.
Karunaratne said the SEC will have an industry consultation before implementing the proposed mandatory rating requirement.



During past several years there was severe unrest among the investors due to unruly behaviours and unprofessional investment advisers of some stockbroker firms. Those unrests mainly due to misuse of broker credit or margin loan facilities "Some lost millions of money due to these fraudulent advisers," self made guardian for small investors and Good governance activist K.C. Vignarajah told Ceylon FT yesterday.

He also said that SEC Thilak Karunaratne was doing an excellent job while facing tremendous obstacles. We as a small investor community mostly welcome these SEC directions, Vignarajah, said. In addition to this rating directions, SEC must need to introduce some transparent reporting standards for stockbrokers, he remarked. As we know stockbrokers are involving several related party transactions. This is really a conflict of interest. So, they have to follow immediate disclosure procedures, K.C. Vignarajah, said.


Stock broking companies perform an important role in the capital market by facilitating trades for investors. In the recent past the stock broking industry has progressed considerably in the provision of services as well as in terms of the number of players in the market, Karunaratne stated in the SEC's Annual Report.



Courtesy: Ceylon Financial Today 25 June 2015

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