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The Securities and Exchange Commission yesterday further relaxed the controversial 10 percent price band by reducing the period of market days to which public listed companies would be placed under the 10% price from 10 market days to 5. According to a statement by the SEC, this measure was taken ‘having reviewed current market conditions’. In the lead to the Avurudu and its aftermath, the sentiments of the Colombo bourse had been damp, which eventually influenced key indices negatively.
However, the statement also said that the regulator will continue to closely monitor market behavior, especially in relation to price volatility and will consider further relaxations if deemed fit.
“The SEC may re-impose any conditions that have been relaxed so far, if the market conditions so warrant” the regulator cautioned.
The above said directive shall be effective from 29th April 2011.
In February, SEC trimmed the number of dates from original 15 to 10, including the lifting of 50 percent up front deposit requirement prior to purchase of shares (under the price band).
Source - www.dailymirror.lk
