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The Colombo stock market once again started to dip due to poor communication that was believed to have taken between the stock brokers and the regulators.
It has been learnt that the Securities and Exchange Commission (SEC) Director General Malik Cader received a letter from brokers appealing on facilitating broker provided credit for retailers Monday morning, in addition to the letter was sent to him on Friday.
Despite the sudden 6.8% rise in Colombo stock indices last week amid reports that said brokers have re-appealed to regulator on facilitating credit for retailers, this week the market tumbled again after a statement that quoted SEC Director General Malik Cader as saying that he had not received any letter from stock brokers.
However later on Monday noon, Director General Malik Cader said the regulator is considering a request to relax credit rules by stockbrokers who have asked to be allowed to provide credit to customers, at least up to their net capital. "It has received the attention of the Secretariat," Malik Cader had told reporters.
http://print.dailymirror.lk/business/127-local/51950.html
It has been learnt that the Securities and Exchange Commission (SEC) Director General Malik Cader received a letter from brokers appealing on facilitating broker provided credit for retailers Monday morning, in addition to the letter was sent to him on Friday.
Despite the sudden 6.8% rise in Colombo stock indices last week amid reports that said brokers have re-appealed to regulator on facilitating credit for retailers, this week the market tumbled again after a statement that quoted SEC Director General Malik Cader as saying that he had not received any letter from stock brokers.
However later on Monday noon, Director General Malik Cader said the regulator is considering a request to relax credit rules by stockbrokers who have asked to be allowed to provide credit to customers, at least up to their net capital. "It has received the attention of the Secretariat," Malik Cader had told reporters.
http://print.dailymirror.lk/business/127-local/51950.html
