The Colombo Stock Exchange (CSE) is gearing to introduce a 'more' liquid Milanka Index (MI) to the market by early July this year, according to CSE sources.
"The CSE board decided to take another look at the MI as some market participants such as stockbrokers had pointed out this fact," a CSE source told The Sunday Times FT. The source said the CSE index committee decided on Susan Thomas, Associate Professor Indira Gandhi Institute in Mumbai to help restructure the MI.
"She has worked with the CSE before on other assignments. Based on her proposal on how to restructure MI, the CSE board will give sanction to go ahead with restructuring the index, "the source added. He said that Ms. Thomas made a presentation to some market participants on Friday on restructuring the MI.
Meanwhile, the CSE has revised its listing rules according to the new Companies’ Act, a circular issued by the regulator said. One of the main changes is that the name ‘Second Board’ has been changed to ‘Diri Savi Board’ as per rule 2.1.3 in the listing requirement.
The annual report has to be released before the expiry of five months from the end of the financial year.
The new rule says that listed companies should forward the annual report to the shareholders in the form of CD-ROMs instead of the present requirement of submitting it in printed format. As per the present rules, there is no provision for CSE to release to the market, information issued by a regulatory authority concerning a listed company.
A new rule has been incorporated permitting the CSE to release information issued by a Regulatory Authority, if such release is necessary to safeguard the interests of the investing public.
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