Three stockbrokers secure stay order against SEC ban

Tuesday, 17 June 2025 04:01 - - {{hitsCtrl.values.hits}}

Three stockbrokers via separate petitions last week secured a stay order from the Court of Appeal against the decision by the capital market regulator, the Securities and Exchange Commission (SEC), to ban them over alleged offences.

The trio were senior stockbrokers Roshan Fernando, Jaliya Wijeratane, and Milanka Induruwage, and they were suspended for three years by the SEC on allegations of insider trading and front-running.

However, last Thursday (12 June), Court of Appeal Justice M.T. Mohammed Laffar and Justice K.P. Fernando directed the SEC to maintain the status quo that prevailed immediately prior to the notice of disqualification dated 5 June 2025 until 30 July 2025. Limited objections to be filed on or before 4 July 2025 and counter objections to be filed on or before 25 July 2025. The matter is fixed for support for interim relief and formal notices on 30 July 2025.

Sanjeewa Jayawardena, PC, with Suren Gnanaraj with Rukshan Senadeera, instructed by Vidanapathirana Associates, appeared for the petitioners.

Jayawardena, PC informed the Court that the matter be supported as an urgent application. The State Counsel appearing for the Respondents informed the Court that the State must get instructions from the Respondents in this regard.