SEC launching final phase of digitalisation
The Securities and Exchange Commission (SEC) is to launch the third phase of its digitalisation programme on Wednesday August 17.
Coinciding with the 35th anniversary of the regulator, it will mark a special occasion, Viraj Dayaratna, Chairman SEC told the Business Times on Thursday. He said the Central Counterparty system (CCP) will also be formally announced on the same date.
A salient feature of this phase would be executing Initial Public Offerings (IPOs) online called the e-IPO web portal. Along with this, the e-rights issue and the Colombo Stock Exchange (CSE) app in all three languages will be featured. Mr. Dayaratna said that the third phase is the final phase of digitalisation which completes a journey of two years. This concluding chapter would enable more convenience for the customers in all securities-related actions.
The first phase of SEC/CSE digital strategy themed ‘Hyper-Leap to the future’ to digitalise all stakeholder touch points enabling end-to-end connectivity electronically was launched on September 17, 2020. With this, the CSE eliminated all paper and enabled digital account opening, unflawed post-trade, and settlement, and implementing e-contract notes and e-statements.
Phase two of this initiative launched in July last year, allowed account holders to transfer funds digitally to third parties.
Since the launch of the mobile application, the total app downloads exceeded 65,000 and approximately 17,000 new Central Depository System (CDS) accounts were opened, data from last year showed.
The CSE and SEC have been pioneering the transformation of the stock market since its inception and are on a mission to redefine the financial landscape of Sri Lanka; enhancing the investment experience for investors, stockbrokers, listed companies, and other stakeholders. The digitalisation of the Colombo Stock Market brings the future to Sri Lanka positioning it to become a global financial hub, which will redefine the stock market landscape taking a hyper-leap into the future.
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