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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Stock market manipulations

Stock market manipulations

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1Stock market manipulations Empty Stock market manipulations Sat Oct 09, 2021 6:08 pm

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SECURITIES AND EXCHANGE COMMISSION OF SRI LANKA ACT, No. 19 OF 2021
https://www.sec.gov.lk/wp-content/uploads/2021/09/PL-012514-E-Securities.pdf

Stock market manipulations
Section 129.
(1) A person shall not carry out or be involved in carrying out, either directly or indirectly, one or more transactions in securities of a company being transactions that have or are likely to have the effect of artificially-
(a) raising;
(b) lowering; or
(c) pegging, fixing, maintaining or stabilizing, the price or volume of securities of that company traded on an exchange licensed by the Commission or a platform operated by a recognised market operator, for the purpose of inducing other persons whether or not such person is actually induced to acquire or dispose of the securities of the company or of a related company.

(2) A reference in this section to a transaction in relation to securities of a company traded on an exchange licensed by the Commission or a platform operated by a recognised market operator includes–
(a) the making of an offer to sell or purchase such securities of the company; and
(b)the making of an invitation, that expressly or impliedly invites a person to offer to sell or purchase such securities of the company.

147. (1) A person who contravenes sections 128, 129, 130, 131, 132 or subsections (2) and (3) of section 137 commits an offence and shall be liable on conviction to a fine of not less than ten million rupees or to imprisonment for a term not exceeding ten years or to both such fine and imprisonment.

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