SEC closes Colombo stock market for a week

Monday, 18 April 2022 04:07 - - {{hitsCtrl.values.hits}}

The Securities and Exchange Commission (SEC) has decided to temporarily close the Colombo stock market.

In a statement SEC said that the Board of Directors of the Colombo Stock Exchange (CSE) by way of a communication dated 15 April called upon the SEC 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 have also sought the temporary closure of the market on the same grounds,” the SEC said.

The statement said that the SEC 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.

“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,” the statement said.

Therefore, acting in terms of the provisions contained in Section 30 of the Securities and Exchange Commission Act No. 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 18 April.

The CSE in a separate statement said: “In view of the decision taken by the Securities and Exchange Commission of Sri Lanka (SEC,) has declared to temporarily close the stock market for a period of five business days commencing from 18 April.”

Accordingly, the market will be closed from 18 to 22 April. However, the CSE offices would remain open during this period, the statement added.

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