Real-time alerts for transactions in Sri Lankan government debt
ECONOMYNEXT – Investors in Sri Lankan government securities will now get real-time alerts of transactions, the Public Debt Department of the central bank said.
Real-time notifications can either be in the form of an email or a Short Message Service (SMS) or both, based on the investor’s preference, a statement said.
"The SMS system will prevent situations like what happened with Entrust," central bank governor Indrajit Coomaraswamy said, refering to a primary dealer in government securities embroiled in a fraud, selling bonds to third parties.
The central bank, which operates and maintains the LankaSecure System through which transactions are done, has introduced the alert service from 25th March 2019 to enhance the awareness of investors.
“The SMS/ Email Alert is a service that sends real-time notifications to investors in government securities for each and every movement of scripless securities in the customer’s securities account also known as the CDS account,” the statement said.
The alerts will come immediately after a transaction.
To enable the alerts service, custodian institutions like commercial banks or primary dealers are required to record the investor’s preferred method of notification, along with relevant contact details in the LankaSecure System.
To ensure registration in the SMS/email alert service, customers are required to contact their custodian institution and submit a written confirmation of their preferred method of notification along with contact details like an email address, mobile phone number or both.
“This SMS/ Email Alert facility is an added service to the regular confirmations sent to customers, as printed statements by the LankaSecure system and the online viewing facility currently available to the investors,” the statement said.
(COLOMBO, April 08, 2019)