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Sri Lanka to give justice to victims of securities fraud: SEC Chief

Mar 05, 2015 15:24 PM GMT+0530 | 2 Comment(s)

COLOMBO (EconomyNext) - Sri Lanka's stock market regulator is making efforts to bring those who engaged in securities fraud during a stock market bubble in 2011 to justice, its re-appointed chief Tilak Karunaratne said.

Karunaratne said the stocks were pumped and dumped on unsuspecting investors during a stock market bubble which peaked around 2011.

He said investors who lost money during the period are still calling and making complaints against some brokers and margin providers.

"I am trying to do justice to those who got really played out," Karunaratne told lawyers at Sri Lanka's National Law Conference 2014.

He said the SEC had a "poor record". He said the public perception was also that no serious frauds were tackled by the regulator.

SEC was also amending its underlying law and it was being reviewed again. The changes may take up to 18 months to be passed in parliament, he said.

The new law will no longer allow serious frauds to be "compounded" or to settle with a fine without agreeing to guilt and there will be provisions to encourage whistle blowing and to give bounties.

 


 

2 Comments

  1. sacre blieu March 06, 07:53 AM

    justice should not be delayed as this would give the crooks enough time to destroy the evidence. Review the system where brokers are also allowed to trade in their own name ,as some were also manipulators, and the game was how to play out the other investors.

  2. Ratnaweera March 05, 11:19 AM

    You mean to say God Hewa and Pere ra haven't done anything? They showed the 10 commandments.

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