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US$ EXCHANGE RATE PREDICTION 2023

SEC nets big sharks; more prosecutions soon Vote_lcap9%SEC nets big sharks; more prosecutions soon Vote_rcap 9% [ 26 ]
SEC nets big sharks; more prosecutions soon Vote_lcap8%SEC nets big sharks; more prosecutions soon Vote_rcap 8% [ 24 ]
SEC nets big sharks; more prosecutions soon Vote_lcap16%SEC nets big sharks; more prosecutions soon Vote_rcap 16% [ 47 ]
SEC nets big sharks; more prosecutions soon Vote_lcap18%SEC nets big sharks; more prosecutions soon Vote_rcap 18% [ 51 ]
SEC nets big sharks; more prosecutions soon Vote_lcap16%SEC nets big sharks; more prosecutions soon Vote_rcap 16% [ 47 ]
SEC nets big sharks; more prosecutions soon Vote_lcap25%SEC nets big sharks; more prosecutions soon Vote_rcap 25% [ 72 ]
SEC nets big sharks; more prosecutions soon Vote_lcap7%SEC nets big sharks; more prosecutions soon Vote_rcap 7% [ 19 ]

Total Votes : 286

ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
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SEC nets big sharks; more prosecutions soon

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The Securities and Exchange Commission (SEC) has filed action in the past month against big market offenders for offences committed more than 10 years ago and more prosecutions are expected, sources close to the capital market regulator said.


The most prominent is Nimal Perera, formerly at the Vallibel Group of companies and now an independent investor, who was found guilty on two occasions for market and price manipulation.

With regard to creating a false market or misleading appearance of active trading in the shares of Regnis Lanka PLC during the September to October 13, 11 years ago in 2011 and in the shares of ASCOT Holdings PLC during September 5 to September 12, 2011 the SEC filed action against Mr. Perera on September 2. Upon a request to compound by Mr. Perera, after paying Rs. 3.3 million each, totalling Rs. 6.6 million, as penalty to the compensation fund of the SEC without an admission of liability, the Commission decided to compound this offence. The offence is under the SEC Rule 12 and is provided for under Section 51 A.

Pertaining to market and price manipulation, a warning was issued to Buddhika Payou on August 17.

A. S. Hendavitharana, Dr. N. A. Senadeera, P.H.K. Boteju, I. P. A. Piyatissa, W. M. N. P. Rathnayaka, A.J.M.Y.B. Serasinghe, K.A.D.A. Meththasena, H.J.M.D.N. Bandara and W.R. Dharmasena were issued letters of warning by SEC on January 11, for their involvement in contributing to the creation of an appearance of a false market by purchasing one share each in the shares of Browns Investments PLC during the period December 1, 2020 to January 15, 2021.

Three individuals – K. Boralessa, A. Medonza and J. M. Alles were also taken to task by the regulator for failure to make immediate disclosure of material information relating to the financial crisis faced by Magpek Exports Ltd.

K. Keithiswaran was found guilty of submission of audited financial statements under false signatures in the Annual Reports of Singalanka Standard Chemicals PLC and the offence was compounded upon him admitting guilt.

The names of certain personnel against whom enforcement action was taken in the past on certain offences were removed under the retention policy for publications, the SEC said on the website.

This has been among the most successful efforts by the capital market regulator over the past 15 years in bringing culprits to justice. The SEC has been slow in its probes against stock market manipulators who were hogging the market during the Mahinda Rajapaksa era.

https://www.sundaytimes.lk/221002/business-times/sec-nets-big-sharks-more-prosecutions-soon-497157.html

https://www.srilankachronicle.com

rajini


Manager - Equity Analytics
Manager - Equity Analytics

SEC never catch these big fishes. When they received important information they throw it to the press. They gives so called sharks ample time to hunt down informers and destroy evidence for ever. What a tragedy.

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