Seminar on insider trading

Friday, 16 March 2012 00:01 - - {{hitsCtrl.values.hits}}

The Institute of Chartered Corporate Secretaries and the Securities Exchange Commission in partnership with the Daily FT will hold a seminar on insider trading on 26 March.

The seminar is to be held from 4 p.m. to 6:30 p.m. at Hilton Colombo Residencies and panellists include Professor Gishan Dissanaike, who holds the Adam Smith Professorship of Corporate Governance at the University of Cambridge. He will speak on the topic ‘Insider Trading – Good, Bad or Ugly’.

Laugfs Gas Chairman W.K.H. Wegapitiya will speak on the topic ‘No Risk No Gain in the Capital Market’ and Heraymila Securities CEO Ravi Abeysuriya will speak on the theme ‘Greed is the Downfall of the Capital Market’. Nithya Partners Senior Partner Aritta Wikramanayake will speak on ‘The Way Forward’.

The sessions will also include some opening remarks by the SEC Chairman Tilak Karunaratne and Colombo Stock Exchange Chairman Krishan Balendra.

The SEC recently circulated a draft paper to amend provisions of the SEC Act and plans to bring in comprehensive civil remedies and criminal prohibitions to prohibit insider trading. It will provide definitions of key elements of the offence and the statutory defences available, timely disclosure to the market of material information intended to minimise the time during which there is scope for insider trading and set in place adequate international arrangements and cooperation for investigations from which trading in securities may occur in Sri Lanka or in securities listed on the exchange.