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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Insider Dealings

Insider Dealings

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1Insider Dealings Empty Insider Dealings Sat Oct 09, 2021 6:28 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

Insider Dealings


Section 137.
(1) For the purpose of this Part, an ‘insider’ means a person, whether or not such person is connected to the respective company, if that person–
(a) possesses information that is not generally available which on becoming generally available a reasonable person would expect it to have a material effect on the price or the value of securities; and
(b) knows or could reasonably be expected to know that the information is not generally available.

(2) An insider shall not whether as principal or agent in respect of any securities to which the information in subsection (1) relates -
(a) sell or buy or enter into an agreement or transaction for the sale or purchase of such securities; or
(b) procure directly or indirectly, an acquisition or disposal of or enter into an agreement or transaction with a view to the acquisition or disposal of such securities.

(3) Where trading in the securities to which the information in subsection (1) relates is permitted on a securities market of an exchange or a platform operated by a recognised market operator, the insider shall not directly or indirectly, communicate the information referred to in subsection (1) or cause such information to be communicated to another person, if the insider knows or could reasonably be expected to know that the other person would or would tend to -

(a) acquire, dispose of or enter into an agreement with a view to the acquisition or disposal of any securities to which the information referred to in subsection (1) relates; or
(b) procure or direct a third person to acquire, dispose of or enter into an agreement with a view to the acquisition or disposal of any securities to which the information referred to in subsection (1) relates.

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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