Nation Lanka Equities (Pvt) Ltd (NLE), which was prohibited from stock trading activities owing to struggles with liquidity issues, is back in the game.
“The company has fulfilled all the requirements and started trading on Monday,” a Colombo Stock Exchange (CSE) official told the Business Times.
The company owned by long standing stockbroker, Asanga Seneviratne with 58.57 per cent was non compliant with the liquidity requirements effective from October 2017. It failed to maintain Securities and Exchange Commission's (SEC) minimum shareholders' funds, stockbroker minimum Capital Adequacy Ratio (CAR) and minimum liquid capital requirement (Rs. 35 million). It was barred from trading in April 2018. The official added that Mr. Seneviratne had infused the Rs. 100 million minimum shareholders' funds and fulfilled the other two requirements recently earning him the licence again.
The SEC announced moves to hike the risk based CAR for stockbrokers from March 1, 2017 which hit many firms in the industry. Each stockbroker was directed to maintain a capital requirement / liquid capital of 1.2 times the total risk - subject to a minimum liquid capital requirement of Rs.35 million. The CAR rules mandate stockbrokers to report their CAR to the SEC and CSE on a daily basis. The SEC said that CAR is to ensure that stock broking firms are strong enough to withstand any shocks and ensure a sound capital market.
Along with NLE, Navara Securities (Pvt) Ltd (NSL), TKS Securities, Claridge Stockbrokers were stopped from conducting business two years ago. (DEC)
Mr. Ali Sabri Rahim, a Member of Parliament (MP) for Puttalam District whom an open warrant had been issued, attended a public ceremony at Al Aksha National School in Kalpitiya today (16) as the special guest of honor.
All Ceylon Makkal Congress MP Ali Sabri Raheem had been arrested by Kalpitiya police after he surrendered to the police today morning.
Senior DIG Nilantha Jayawardena has been sent on compulsory leave pending disciplinary investigation over his failure to prevent the Easter Sunday bombings.
The 22nd amendment to the constitution dealing with the term of the President has been gazetted by order of President Ranil Wickremesinghe.
Auspicious times widely followed by candidates keeping with traditions will be taken into consideration by the Election Commission in fixing the date and time for the conduct on the Presidential polls.
The Cabinet of Ministers has granted policy approval to change the wording “exceeding six years” in paragraph (b) of Article 83 of the Constitution to “exceeding five years” with reference to the President’s tenure.
Leave Comments