The LOLC Group have appealed to the Securities and Exchange Commission (SEC) after they were not selected for the issue of a stockbroking license, the Business Times learns.

According to informed sources, Commercial Bank (CB), Bank of Ceylon (BOC), Richard Pieris’ and company, Mackwoods Group’s Calridge Limited and India Infolines, were short-listed for a retail stock broking licence by the Colombo Stock Exchange (CSE) last week while LOLC and Tiong King Sing’s applications were rejected.

“The CSE rules provide that anyone (who’s not chosen) can appeal to SEC. They can do that. It’s their right,” Nihal Fonseka, Chairman SEC told the Business Times, but declined to comment on which applicants have been short-listed.

LOLC’s application was rejected as they were late in submiting the application by a day. LOLC wanted to return to broking after exiting in June last year, when it sold its entire shareholding of 30% in the company’s stockbroking arm, Lanka ORIX Securities (LOSEC) to Tushan Wickramasinghe, the firm's chief executive at the time.