COLOMBO (EconomyNext) – An investment advisor on the Sri Lankan stock market has been fined over a million rupees to settle an offence to manipulate the share market, the capital markets regulator has revealed.
The Securities and Exchange Commission (SEC) said it imposed a fine of 1.1 million rupees on an investment advisor in order to compound an offence of conspiracy to manipulate the market/ price of a share.
The offence was compounded on the request made by the accused in a case that was pending before the Magistrate’s Court Fort, according to the SEC’s 2014 annual report. It did not identify the offender.
“The matter was compounded with the concurrence of the Magistrate’s Court as seven other co-accused were also compounded on similar applications,” it said.
The fine was credited to the Compensation Fund of the SEC.