SEC slaps cease and desist order on Entrust’s stockbroking unit
ECONOMYNEXT – Entrust Capital Markets (Pvt) Ltd, a stockbroking firm, has been ordered not to sign up new clients and cease buying or selling shares belonging to clients, Sri Lanka’s Securities and Exchange Commission said.
The SEC said the order was made due to unspecified "regulatory concerns".
Entrust Capital Markets has been asked to promptly transfer client securities to other brokers as soon as such requests are received and to inform clients of the SEC order.
The SEC said no client funds should be withdrawn without its prior approval.