Business Times

Now scribes probed for market manipulation

By Duruthu Edirimuni Chandrasekera

Journalists have become the latest focus of the Securities and Exchange Commission (SEC) in a crackdown on market manipulators, according to SEC officials. "The SEC has written to a business journalist in conjunction with a probe relating to a market manipulation, seeking information on a story that was written," an SEC official told the Business Times, declining to name the person. He said that investigations are currently hotting up and that the SEC is looking to 'complete' this particular probe with as much evidence as possible.

SEC is flexing its muscles pertaining to bringing market manipulators to justice, he said, noting that SEC will do 'what it has to' in risk management. "There was the period when low valued shares increased in price by more than 1000%. We are looking at these trades closely to identify the perpetrators.

They will be dealt with severely," he added. He further said that SEC does routine checks and they are following up on a lead relating to a particular high networth investor who is allegedly to have indulged in pushing up prices of undervalued shares. Analysts say that what is imperative is the foreign investor confidence and a tough SEC will help in this regard.

"We need foreign investor confidence, a strong SEC which is hard on blatant manipulation, added liquidity and lower interest rates, improved corporate performance and more educated investors who make rational decisions and calculated risks," an analyst stressed.

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