Sri Lanka’s Securities & Exchange Commission (SEC) was due to meet at an emergency session at 10.30 am this morning (Friday) to discuss a major crisis brewing in the stock market, stock market sources said. The board members (commissioners) were assembling for the meeting.
Share prices at the Colombo Stock Exchange have sunk this week, leading to its lowest turnovers in recent times, amidst speculation that SEC Director-General Malik Cader was likely to step down or asked to resign.
The sources said that some politically, influential investors were putting pressure on government higher-ups to ease controls in the market, saying it was hampering business. There has a lot of concern in recent times over insider trading and market manipulation in the market.
ST
Share prices at the Colombo Stock Exchange have sunk this week, leading to its lowest turnovers in recent times, amidst speculation that SEC Director-General Malik Cader was likely to step down or asked to resign.
The sources said that some politically, influential investors were putting pressure on government higher-ups to ease controls in the market, saying it was hampering business. There has a lot of concern in recent times over insider trading and market manipulation in the market.
ST
