Nation Lanka Equities (Pvt) Ltd will stop business from 9 October as directed by the Colombo Stock Exchange (CSE), the company said in a press advertisement on Wednesday.
As the company failed to comply with the buffer capital rule of the CSE’s Stockbroker Rules which says that a broking company should comply with certain minimum capital adequacy requirements, the CSE, under the aegis of Securities Exchange Commission (SEC) had directed then to do so from 1 March, the advertisement said.
“Due to the continuous non-compliance with the aforesaid Minimum Capital Adequacy Requirements, the CSE will prohibit Nation Lanka Equities (Pvt) Ltd. from carrying out all trading activities with effect from 09th October 2017. [i.e. seven market days from the date of publication of this notice] in terms of the Directive of the SEC dated 22 August unless Nation Lanka Equities (Pvt) Ltd. complies with Rule 5.1.1. of the CSE Stockbroker Rules,” the notice read.
Any existing clients of Nation Lanka Equities who may wish to transfer their securities portfolio/s to any other stockbroker firm / custodian bank of their choice, were requested to contact Nation Lanka Equities (Pvt) Ltd.
The SEC extended the ban originally imposed in 2016 November on this company in April this year from canvassing for new clients due to continuous non-compliance with the SEC Act and stockbroker rules of the CSE.
The Judicial Service Commission (JSC) has interdicted Colombo Fort Magistrate Kosala Senadheera.
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.
The Supreme Court today refused interim relief in an application filed by President’s Counsel Senaka Walgampaya seeking an Order from the Supreme Court compelling the President to appoint judges to fill the existing vacancies in the Court Of Appeal.
Gazette on new speed limit regulations to be issued within two weeks
Two underworld criminals wanted for multiple crimes, including murder, were brought from Dubai to Sri Lanka, today (12).
Acting Attorney General Parinda Ranasinghe, was appointed as the Attorney General of Sri Lanka a short while ago.
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