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Sri Lanka Equity Forum » Stock Market & Forum Help » Stock Market News » Sri Lanka in final run to demutualise stock exchange

Sri Lanka in final run to demutualise stock exchange

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
June 07, 2012 (LBO) - Sri Lanka is putting the final touches to a draft bill to demutualise, or make the Colombo Stock Exchange a shareholder owned limited company, the island's Securities and Exchange Commission (SEC) said.

"The SEC is in the process of finalising the draft bill for the Demutualisation of the CSE to bring our capital market to be in line with those in more mature jurisdictions," Thilak Karunaratne said in the watchdog's annual report.

The SEC said Sri Lanka's cabinet of ministers had approved a draft bill to be brought as a special act of parliament. The watchdog was assisting the legal draftman's office to finalise the bill.

Sri Lanka's stock exchange is an entity limited by guarantee, nominally owned by a group of legacy broking houses called full members.

In the case of demutualisation they will get shares in the exchange. The stock exchange also has so-called trading members who were licensed later.

The SEC had also drafted changes to the governing law of the agency to set up a clearing house.

Securities and Exchange Board of India has given suggestions which were given to technical consultants for review.
http://lbo.lk/fullstory.php?nid=1480713174

wallstreetguy


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Yes! I remember Qatar Prime Minister AL Thani wanted CSE to demutalise so he could buy a stake!

aj


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Who are these legacy brokers?

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