EPF to enter Sri Lanka stock market soon, already in secondary bonds market: CB Governor
Aug 28, 2018 15:32 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lanka's Employees Provident Fund has returned to the secondary market in government bonds and will enter the stock market shortly, Central Bank Governor Indrajit Coomaraswmay said.
"The EPF has recently started operating in the government bonds secondary market," Governor Coomaraswamy said .
"We are working towards coming to the stock market fairly soon."
The central bank-managed fund left the secondary market bonds amid a so-called bond scam in 2015-2016 where dealers of the EPF was helping Perpetual Treasuries, a primary dealer in Treasuries engaged in pump and dump scams.
Governor Coomaraswamy said investment guidelines had been set and a committee was now meeting.
The stock market is at record lows in terms of valuations at the moment. The EPF also drew criticism for buying stock at high prices from companies like Perpetual Capital during the 2011 bubble. (Colombo/Aug28/2018)