Business Times

Seven Finance Cos. fail deadline, get extension to list on CSE

Seven Registered Finance Companies (RFCs) have been given an extension to list on the Colombo Stock Exchange ( CSE) after they failed to meet the June 30 for compulsory listings, Central Bank sources said. Eighteen of 36 RFCs have so far listed themselves on the CSE following a directive issued by the Central Bank. Applications for listing submitted by 11 RFCs are being reviewed by the Central Bank, a senior official of the bank said.

In terms of the Monetary Law Act and the Finance Companies Act, RFCs who failed to meet the deadline for listing were liable to face strict action for non compliance. But the Central Bank will not take any action against these companies as they are continue to face financial constraints. Several of the smaller finance companies are closely held family-firms and they are little bit reluctant to go public, he added.

The bank should implement the regulation treating all RFCs alike and it has to be fair for companies who have already been listed in the CSE, he said adding however that they are willing to be flexible when considering the reasons for the delay of some finance companies in complying with rules.
The Central Bank has made it compulsory for registered financial companies to be listed in the market for transparency.

Almost all RFC’s are performing well, with the growing public confidence in the sector, Shirly Perera, a former chief of Sri Lanka's Finance Houses Association and Deputy Chairman Central Investments and Finance Ltd, said. Mr.Perera noted that RFCs have taken steps to reduce the incidence of bad loans and rein in bad debts; together with the improving macroeconomic conditions, these steps are expected to aid asset quality improvement.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
Mercantile firm J.L. Morison up for grabs?
Jigsaw puzzle in Shangri-La and CATIC land deals
Confifi – no more into hotels
Apparel industry gets lucky on US$3.5 bln earnings
Seven Finance Cos. fail deadline, get extension to list on CSE
Rs 5,000 reward for 25 years service!
COMMENT - Call for old-age pension
Intellectual property and the knowledge economy
Chinese currency recognised for banking transactions in Sri Lanka
Western European markets still continue to spend more
ITI tests show 9 out of 31 samples of pesticides contained arsenic traces
FMSL celebrates ‘World FM Day’with the global FM community
Rohan Senanayake steps down as Deputy Chairman of SMB
EU agrees to Lankan request for the use of Sulphur Dioxide in Cinnamon processing
SLIC’s Blue Diamond acquisition strategic aimed at reviving company
Nearly 80% of Lankan grooms are last-minute shoppers: Hameedia
Jetwing hotels is the story of Herbert Cooray, one of Sri Lanka’s pioneers in tourism
UAL awards night sees 350 winners
John Keells Logistics earns OHSAS Certification
Textured Jersey overcomes economic tsunami
Hayleys HR Head presented Lifetime Gold Award for contribution to profession
Struggle by the bamboo basket-makers to eke out a living
Don’t invest to make money!
Sigh of relief for GK depositors after 30-mth wait
Indices languishing .. what’s happening to the markets?
Finally, Perera duo take Hayleys’ board control
BOI Chairman steps down, Kulasekera to act
Signboards, street names - being visible silently
Labour trade union supports FUTA action
Supreme Court, Court of Appeal judgments online
Over 120 mobile apps live at Etisalat's AppZone.lk
IT exports value to top US$ 400 mln in 2011
3 SEC capital market web portals soon via Cyber Concepts
Average annual IT workforce growth slowing down to 12.5% from 25%:survey
STOCKS: Identifying pump and dump is "like putting socks on a rooster"
CB guide to bakers; bread flour imports increase
Dialog TV comes with Personal Video Recorder Feature
Social Media for massive business growth
Stakeholders suggest old-age pension or viable investment schemes for aging Lankans

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution