BusinessNew regulations governing non-compliance of minimum public stakes in Sri Lankan listed companies will be effective from July 1 (Saturday). In an announcement on Thursday, the Securities and Exchange Commission of Sri Lanka (SEC) said it has instructed the Colombo Stock Exchange (CSE) to commence enforcement in respect of its “November-2016 Revision of Rules on Minimum Public Holding Applicable to All Listed Public Companies”. These enforcement measures were developed by the CSE under the direction of the SEC. “The present rules on minimum public holding were introduced by way of SEC directive in November 2016, and marked a significant enhancement in opportunities for compliance previously available to listed companies. Other actions contemplated by the SEC enforcement policy include the making of timely market disclosures on public holding positions of non-compliant companies and disclosures on remedial action proposed by such companies.

Source: Sunday Times June 29, 2017 16:30 UTC