NatWealth Securities Ltd suspended by Central Bank
View(s):NatWealth Securities Ltd (NWSL), a licensed Primary Dealer in the money markets, has been suspended by the Monetary Board of the Central Bank of Sri Lanka (CB) for six months with effect from May 31.
The CB said the action came after having considered the company’s continuous failure to comply with directions applicable to primary dealers, acting in terms of the Regulations made under the Registered Stocks and Securities Ordinance and the Local Treasury Bills Ordinance.
“The CB will take necessary measures to ensure that this regulatory action does not have a disruptive impact on the Government Securities market. Action will also be taken to facilitate the handling of the interests of the customers and counterparties of NWSL in an orderly manner,” the statement on Friday said. This is the second primary dealer to be suspended in recent times, after the suspension of Perpetual Securities Ltd which has been implicated in a Treasury bond scam.