SEC charges individual for not showing up for inquiry
View(s):In a rare move, the Securities and Exchange Commission (SEC) charged an employee of a stockbroking firm for failing to ‘show up’ for an inquiry.
The SEC had summoned the said individual to record a statement pertaining to a stock market offence. He had evaded coming over to the SEC for a long period. The SEC then on Friday charged him at the Fort Magistrate Court, after which he had agreed to cooperate with the regulator. Thereafter the charge was withdrawn.
Vajira Wijegunawardane, Director General SEC said last November at the Asia Pacific Economic Cooperation (APEC) Financial Regulators Training Initiative (FRTI) forum that SEC’s aim ultimately is to put in place a regulatory framework within which swift and decisive action is the norm of the day and which serves as a credible deterrent to unscrupulous actors in the market.
Colombo Stock Exchange (CSE) has also begun to stop mollycoddling offenders. The CSE suspended four companies for not submitting theirannual reports for the year ended 31st March 2018 and were suspended.
(DEC)