COLOMBO (EconomyNext) – Sri Lanka’s Securities and Exchange Commission said it has stopped Lanka Rating Agency (LRA) from giving new ratings until it complies with regulatory requirements imposed by it.
LRA had been stopped from providing new ratings from March 25, 2015. "until the company complies with regulatory requirements imposed by the Commission," the SEC said.
"The Commission is statutorily vested with the objective of protecting the interest of investors and is empowered to do all such acts as may be incidental or conducive to attainment of the objects of the Commission," the regulator said.
LRA is one of three credit rating agencies operating in Sri Lanka along with Fitch and ICRA Lanka.
SEC said it was asked to cease giving new ratings from March 25, 2015 following a decision made at a commission meeting on March 10, 2015.