SEC to take measures to support the stock market

http://bizenglish.adaderana.lk/sec-to-take-measures-to-support-the-stock-market/

The Members of the Commission of the Securities and Exchange Commission of Sri Lanka (SEC) convened a special meeting Wednesday (11th March 2020) to assess the current situation in the stock market and determine what regulatory relief and assistance was needed to manage the impact arising from the global stock market downturn due to the panic triggered by the escalation of the Covid-19 outbreak. Mr. Viraj Dayaratne, PC, Chairman, SEC, Mr. Chinthaka Mendis, Director General, SEC along with Commissioners Mr. Manil Jayesinghe, Mr. H. A. Karunaratne, Mr. Priyantha Ratnayake, Mr. Naresh Abeysekera and Mr. Rajeeva Bandaranaike, Chief Executive Officer, Colombo Stock Exchange (CSE) participated at this meeting.

After the said meeting, the Chairman, the Director General, and other senior officials of the SEC held discussions with the Chief Executive Officers (CEOs) of stockbroker firms to obtain their views with regard to the present situation in the stock market and requested them to forward their suggestions to the SEC promptly.

The CEOs of Stockbroker firms were optimistic that the Colombo Stock Market will bounce back strongly since the downturn was due to a global phenomenon. They also expressed the view that there is scope for investors in the Sri Lankan market due to the attractive valuation our market offers

Close down the stock market for 1 month.

හරියටම හරි... general election එක ඉවර වෙනකම් වසා දැමිය යුතුය...

chandike73 wrote:http://bizenglish.adaderana.lk/sec-to-take-measures-to-support-the-stock-market/

The Members of the Commission of the Securities and Exchange Commission of Sri Lanka (SEC) convened a special meeting  Wednesday (11th March 2020) to assess the current situation in the stock market and determine what regulatory relief and assistance was needed to manage the impact arising from the global stock market downturn due to the panic triggered by the escalation of the Covid-19 outbreak. Mr. Viraj Dayaratne, PC, Chairman, SEC, Mr. Chinthaka Mendis, Director General, SEC along with Commissioners Mr. Manil Jayesinghe, Mr. H. A. Karunaratne, Mr. Priyantha Ratnayake, Mr. Naresh Abeysekera and Mr. Rajeeva Bandaranaike, Chief Executive Officer, Colombo Stock Exchange (CSE) participated at this meeting.

After the said meeting, the Chairman, the Director General, and other senior officials of the SEC held discussions with the Chief Executive Officers (CEOs) of stockbroker firms to obtain their views with regard to the present situation in the stock market and requested them to forward their suggestions to the SEC promptly.

The CEOs of Stockbroker firms were optimistic that the Colombo Stock Market will bounce back strongly since the downturn was due to a global phenomenon. They also expressed the view that there is scope for investors in the Sri Lankan market due to the attractive valuation our market offers

"The CEOs of Stockbroker firms were optimistic that the Colombo Stock Market will bounce back strongly since the downturn was due to a global phenomenon. They also expressed the view that there is scope for investors in the Sri Lankan market due to the attractive valuation our market offers"

NO STEPS HAVE BEEN TAKEN SO FAR OTHER THAN HALTING THE MARKET. BROKERS ARE JUST TRYING TO FOOL THE INVESTORS AND SEC AS USUAL.

Now its a panic.. Not informed decisions.. Corona do not require this big downturn.. Overall 5% should have been fine for a market which was highly undervalued..Closing the market is good for all - economy and retailers.

NANDANA2012 wrote:Now its a panic.. Not informed decisions.. Corona do not require this big downturn.. Overall 5% should have been fine for a market which was highly undervalued..Closing the market is good for all - economy and retailers.

Govt declares a 3-day additional holiday (17, 18, 19)This is NOT valid for Health, Food Supply, Transport sectors, Essential Services, Banks, GA & DS offices- adaderana.lk

ChooBoy wrote:

NANDANA2012 wrote:Now its a panic.. Not informed decisions.. Corona do not require this big downturn.. Overall 5% should have been fine for a market which was highly undervalued..Closing the market is good for all - economy and retailers.

Govt declares a 3-day additional holiday (17, 18, 19)This is NOT valid for Health, Food Supply, Transport sectors, Essential Services, Banks, GA & DS offices- adaderana.lk

Let them close until election.Then government can use them for election propaganda!!

Yahapalanaya wrote:

ChooBoy wrote:

NANDANA2012 wrote:Now its a panic.. Not informed decisions.. Corona do not require this big downturn.. Overall 5% should have been fine for a market which was highly undervalued..Closing the market is good for all - economy and retailers.

Govt declares a 3-day additional holiday (17, 18, 19)This is NOT valid for Health, Food Supply, Transport sectors, Essential Services, Banks, GA & DS offices- adaderana.lk

Let them close until election.Then government can use them for election propaganda!!

They should have restricted trading hours.

Buy back, funds, Active investors, retailers,dividends, cash inject

THEY DID NOTHING .........HOPE THEY WILL REDUCE THE TAXES ATLEAST

Taking no action is the best action!

Most business sectors to be granted moratorium while the small investors of the CSE have to go to the crematorium!

Dont believe these guys, just dramas only

market closure seems to be the only strategy

GOSL wrote:The Securities and Exchange Commission of Sri Lanka has decided to grant a moratorium to the clients of all licensed Stock Brokers and registered Margin Providers from the payment of interest on credit extended to them, which are due during the period commencing 11th March 2020.
This is after having taking into consideration the impact caused to investors as a result of the drop in valuations of listed securities on or about 11th March 2020 .

All licensed Stock Brokers are directed to pass on the benefit they will derive from the decisions announced by the Central Bank of Sri Lanka to their clients and are directed to refrain from charging and recovering interest on credit extended to their clients until 30th June 2020.

This will be a temporary measure and the SEC Sri Lanka shall monitor and review the impact of this directive from time to time and shall reserve its right to amend, vary or repeal this directive any time before or after 30th June 2020 if deemed appropriate.

Thank you. No Force Selling by the Brokers!!!