Investment Advisors warned by SEC in Nov 2012
View(s):The Securities and Exchange Commission (SEC) has sent warning letters to two investment advisors, Nishantha Joseph Silva and Chanaka Udithalal Mendis, attached to Lanka Securities (Pvt) Ltd, two months ago.
This was based on the findings of an investigation carried out by the SEC with regard to suspected ‘Front Running’ (as set out in the Rule 14 of the SEC Rules published in Gazette Extraordinary No. 1215/2 dated 18th December 2001) in the shares of Colombo Land & Development Company PLC and Ceylon and Foreign Trades PLC the aforesaid individuals were issued with warning letters dated 7th November 2012, the SEC website said.
“Mr. Nishantha Mudalige and Mr. Damian Le Grand, investment advisors attached to DNH Financial (Pvt) Ltd., were warned based on the findings of an investigation carried out by the SEC with regard to suspected Market/Price Manipulation (as set out in the Rule 12 of the SEC Rules published in Gazette Extraordinary No. 1215/2 dated 18th December 2001) in the shares of Nation Lanka Finance PLC the aforesaid individuals were issued with warning letters dated 5th November 2012,”, the website added.
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