Lankan brokers to promote stock market, locally and internationally
View(s):The Colombo Stock Brokers’ Association (CSBA) has promised to promote Sri Lanka’s capital markets to local and international investors, in a bid to give a much-needed boost to the market t to regain investor confidence.
“We wish to place on record that the new Securities and Exchange Commission Chairman and commission members reviewed our requests within a very reasonable time and were quick to understand and implement some of the urgent needs of the moment e.g. computation of net capital,” the CSBA said in a statement.
“We specially appreciate the timely action taken by the Chairman and the commission members since on many occasions we brought this anomaly to the attention of the authorities to which there was no tangible response.”
The statement said that the net capital calculation formula resulted in continuous selling which kept the market depressed and inhibited the attraction of retail players to the market.
“In our view retail players are vital to create a sustainable market and our suggestion was well received by the Chairman and commission members. We equally appreciate some of the changes made that were not part of our requests.
As an association we fully endorse the view that recent changes will go a long way to rekindle the market in the short run and create liquidity in the long run and thereby sustain a vibrant market in the future,” it said.
The CBSA said whilst on one hand the SEC has made the appropriate changes it has introduced strict reporting guidelines to be implemented by the stock broking companies. “As an association the CSBA welcomes these checks and balances that are necessary for the operation of a fair and transparent stock market.”
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