INSUBCONTINENT EXCLUSIVE:
The Security and Exchange Commission (SEC) of Sri Lanka has directed the Colombo Stock Exchange (CSE) to temporarily close the stock market
for a period of five business days commencing from the 18th of April.In a statement, the SEC director, Tushara Jayaratne said the Board of
Directors of the CSE, by way of a communiqué dated April 15, had called upon the Commission to temporarily close the stock market citing
the present situation in the country.Many other stakeholders of the securities market including the Colombo Stock Brokers Association had
also sought the temporary closure of the market on the same grounds, according to the SEC director.Accordingly, the SEC has carefully
considered the grounds that have been adduced by them and has evaluated the impact the present situation in the country could have on the
stock market, in particular the ability to conduct an orderly and fair market for trading in securities.Mr
Jayaratne said the SEC is of the view that it would be in the best interests of investors as well as other market participants if they are
afforded an opportunity to have more clarity and understanding of the economic conditions presently prevalent, in order for them to make
informed investment decisions.Therefore, acting in terms of the provisions contained in Section 30 of the Securities and Exchange Commission
19 of 2021, the SEC has decided to direct the CSE to temporarily close the stock market for a period of five business days commencing from
This article first appeared/also appeared in https://adaderana.lk
