Teller wrote:CSE website upload is different thing, Ceylinco Management meeting discussion is different thing. As per discussion , if things Were happen more favourable to Hexp. Remember Ceylinco has 25 billion free cash to do any thing.part of the suggestion is to setup a thermostat Plant by using HEXP wastage. This is the reason, even Down market HeXP is strong. Know the people hold and continuous buying. The rest get panic and sell the things. This the reason 77% retailers are loosing in CSE.
Section 34 (2) of SEC Act defines “unpublished price sensitive information” as relating to any listed securities of any company is a reference to the information which relates to specific matters relating, or of concern, (directly or indirectly) to that company, that is to say, is not of a general nature relating or of concern to that company; and is not generally known to those persons who are accustomed or would be likely to deal in those listed securities but which would if it were generally known to them be likely to affect materially the price of those securities.
The primary features of price-sensitive information are it should be of material and confidential nature that if made public, will influence the shares critically. It is noteworthy that confidentiality arises when information is obtained from an insider. The Takeover and Mergers Code of 1995 requires a company to make an announcement in situations where there is some unpleasant movement in its share price. But this code covers SEC members during the offer period. Therefore, Takeover Code10 applies for them and prohibits divulging information that is privy to confidential price-sensitive information.
Securities and Exchange Commission of Sri Lanka Act) covered this topic under Part IV and applied to only listed companies. This Act prohibits an Insider trading listed securities in Section 32(1), as an individual connected with a company shall not trade in listed securities of that company if he has information which,
He holds by virtue of being connected with the company;
It is reasonable to expect such a connected person by virtue of his position, not to disclose except for the proper execution of his official duties; and
He can reasonably be expected to know is unpublished price sensitive information in respect of those securities.
Similarly, Section 32 (2) also defines a connected person if trading in listed securities in another company.
According to Section 34(1) this connection may be established in two ways. Firstly by being a director of the company (or related) and secondly by being an officer (other than a director) or employee of the company (or related), or by holding a position involving a professional relationship between himself and the first company (or related), wherein either case he has access to inside information in relation to either company.
As per Section 33A, any person found guilty of insider trading shall be liable on conviction after summary trial by a Magistrate, to a sentence of imprisonment of either description for a period not exceeding five years or to a fine not exceeding Rs. 10 million or to both such imprisonment and a fine.
Insider dealing is, in essence, an offense relating to the abuse of information by giving an unfair advantage to the person in the financial market who is privy to such information undisclosed by the company, in other words, it is a “white collar” fraud.
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