SEC nails Investor Eye/Aojana Guru

Tuesday, 12 January 2016 00:32 - - {{hitsCtrl.values.hits}}

The Securities and Exchange Commission (SEC) has directed TKS Securities Ltd. to restrain its agent by the name Investor Eye Ltd., or Ayojana Guru, from performing an investment advisory role.

The directive has been conveyed via a letter to TKS Securities on 7 January by SEC Director General Vajira Wijegunawardane.

Following is the full text of the SEC’s letter:

The Securities and Exchange Commission has been made aware that an agent of TKS Securities Ltd. is carrying on business under the name of ‘Investor Eye Ltd.’ or ‘Ayojana Guru’ and offering investment advice to the public independently of TKS Securities Ltd.

SEC said while a stockbroker may offer investment advice to its clients, it may do so only through certified investment advisors employed by such stockbroker. An agent and/or any person employed by such agent cannot provide any investment advice.

The SEC wishes to reiterate that by letter dated 4 December 2015, the SEC renewed the licence granted to TKS Securities Ltd. to function in the capacity of a stockbroker and the employees who have been certified as investment advisors to deal with clients on behalf of the company are I.R. Wijesinghe, N.A. Bharati, E Weerasekara, P.P.D.S.T. Pathiraja, D.P. Rupasinghe, T.D.E.K. Lankawansha, N.M. Karunathilake, Asiri Perera, T.C. De Silva, T.D.T.K. Senadeera, M.R.A. Umayanga, C.S.B. Ekaynayake, D.M.B.G.B. Dissanayake, W.M.U.I.B. Weerasuriya, J.A.K. Nishantha, M. Jayaweera, K.R.M.W.S. Bandara, P.A.R. Kumara, R. Madushanka and Dimantha Abeywardhane.

In the circumstances, TKS Securities Ltd. is hereby directed to restrain Investor Eye Ltd. forthwith from making representations to the public as an investment advisor under the name and style ‘Investor Eye’ or ‘Ayojana Guru’ or any other name using any medium whatsoever of communication.

TKS Securities Ltd. is further advised that it will be held responsible for any violations committed by its agents of the Stockbroker Rules of the Colombo Stock Exchange (CSE) and any other provisions of the SEC Act No. 36 of 1987 (as amended) or any other Rules made there under.