The Cabinet of Ministers approved the publishing of the new Securities and Exchange Commission Bill in the Government Gazette and directed it to be submitted to the Parliament. The Legal Draftsman has received clearance from the Attorney General.
SEC Chairman Viraj Dayaratne PC stated that the SEC had refined the final draft, bringing greater clarity and removing ambiguity. He said, overall, the new Bill will be a progressive piece of legislation aimed at ensuring robust regulation, as well as facilitating the development of the capital market.
The SEC is confident of an early passage for the new Act, which is among a host of fresh measures to revitalise the capital market, broaden both the local and foreign investor base, increase listings and improve efficiency via digitalisation. Among key developments dependent on the new Act is the long-awaited demutualisation of the Colombo Stock Exchange (CSE).
Dayaratne said the focus of the newly-constituted commission members is to ensure healthy regulation for investor protection, risk mitigation and market development.
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