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This is hypothetical. This is what I would do if I am appointed as the Director General of the SEC.
a) All regulations relating to Credit will be removed and will be replaced with a comprehensive list of rules similar to regulation applicable to Finance Companies, Banks and Insurance Companies. This would be carried out by way of an act of Parliament instead of a SEC regulation.
b) Allow and encourage mergers and amalgamation of stock brokering companies. This way small sized brokering companies can be eliminated.
c) Carryout the demutualization and list the Colombo Stock Exchange Ltd on the CSE.
d) Set up a separate rescue fund to reduce the risk of default of payment by any stock brokering company. Settlement risk is one of the biggest risk currently prevalent in the Colombo Stock Exchange.
e) Provide special license to Research Companies and prevent Stock Brokers from providing substandard Research materials to the market.
f) Reduce Brokerage, SEC and CSE fees. and make it transactional basis instead of value based.
g) Introduce short selling.
h) List foreign companies in Sri Lankan Stock Market. (Initially Maldives then India), Set up a new exchange for this purpose.
i) Increase the capital requirement for the stock brokering companies.
j) De-list companies that has less than 25% free float.
k) Mandatory offers would be limited to 75%.
l) Grant 10 new stock brokering licenses. These licenses will be limited to foreign business. These brokers would not be allowed to carry out local business. These brokering companies would be required to setup a minimum of 3 overseas branches.
m) Allow companies to obtain listing via online.
Please feel free to express your views. This will surely help us to guide the new Director General.
QB
a) All regulations relating to Credit will be removed and will be replaced with a comprehensive list of rules similar to regulation applicable to Finance Companies, Banks and Insurance Companies. This would be carried out by way of an act of Parliament instead of a SEC regulation.
b) Allow and encourage mergers and amalgamation of stock brokering companies. This way small sized brokering companies can be eliminated.
c) Carryout the demutualization and list the Colombo Stock Exchange Ltd on the CSE.
d) Set up a separate rescue fund to reduce the risk of default of payment by any stock brokering company. Settlement risk is one of the biggest risk currently prevalent in the Colombo Stock Exchange.
e) Provide special license to Research Companies and prevent Stock Brokers from providing substandard Research materials to the market.
f) Reduce Brokerage, SEC and CSE fees. and make it transactional basis instead of value based.
g) Introduce short selling.
h) List foreign companies in Sri Lankan Stock Market. (Initially Maldives then India), Set up a new exchange for this purpose.
i) Increase the capital requirement for the stock brokering companies.
j) De-list companies that has less than 25% free float.
k) Mandatory offers would be limited to 75%.
l) Grant 10 new stock brokering licenses. These licenses will be limited to foreign business. These brokers would not be allowed to carry out local business. These brokering companies would be required to setup a minimum of 3 overseas branches.
m) Allow companies to obtain listing via online.
Please feel free to express your views. This will surely help us to guide the new Director General.
QB
