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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ »  SEC meeting to discuss broker proposals today

SEC meeting to discuss broker proposals today

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sanjee

sanjee
Senior Equity Analytic
Senior Equity Analytic
The market regulator will have its routine (every two weeks) Commission meeting today, and Mirror Business learns that the proposals put forward by the Colombo Stock Brokers Association will be taken into consideration during the session.

In their letter to the Securities and Exchange Commission, they have requested the removal of T+5 forced selling rule and to allow all brokers to lend their net capital which is in excess of minimum net capital requirement of Rs. 35 million.

They also had requested to allow all brokers to transfer the excess net capital in the broking company to the wholly owned margin trading company, licensed and regulated by the SEC, without deducting from the net capital.

Brokers also noted that to the best of their knowledge, most brokering firms presently have proper systems and procedures in place to monitor debtors and had expressed glimpse of hope for a favorable decision speedily, to avert a continuous decline in the market. (IS)

Laughing

Soundchips


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
allowing stock brokers to lend on a monitored and regulated manner helps market bounce back. ... removal of t 5 forced selling can restore investor confidence...

duke


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
There're 2 instances where people get credit without checking credit worthiness. In both instances others have to suffer.

1. Government banks giving out loans to henchmen of politicians without checking credit worthiness.
2. Brokers giving out credit to traders without checking credit worthiness.

Marketinvest

Marketinvest
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Ok just what i heard now. My broker says that they might put forward or delay the decisions. Did anyone get a news like dat

pushpakumara


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@duke wrote:There're 2 instances where people get credit without checking credit worthiness. In both instances others have to suffer.

1. Government banks giving out loans to henchmen of politicians without checking credit worthiness.
2. Brokers giving out credit to traders without checking credit worthiness.

My personal experience is Banks are very particular about the loan payments and if you go beyond one day they make calls and inquire. If they have acted equal manner to all borrowers how come they experience large amounts of defaulted amounts and fair number of defaulted customers ?.

Stock Brokers too make calls on the 4th day and if they acted this way prior to implementation of adhearnace to T+5. They could have minimised the problems we face due to slack on their part.

Time is right for firm solution to this matter as Credit too is vital for growth of the market subject to proper managment of giving of credit.

Hope this meeting will give us some concrete solution and wish to see slow, steady and managable growth of the market because faster runs do not long last.

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