nsb

Mar 16, 2017

Stockbrokers blame SEC for their sorry plight! Featured

Colombo stockbrokers are reportedly in a very bad way and many have been forced to close their branches in the outstations.

Heads of some of these broker companies told Sri Lanka Mirror that they were even finding it difficult to pay salaries of their staffs.

They blame their sorry plight on the shortsightedness of the Securities and Exchange Commission that regulates share market activities.

The brokers note that the investors had been frightened away by a newspaper advertisement calling for applications for the post of director investigation at the SEC, which gave ability to deal with the police and the CID as an additional qualification.

Investors would not want to invest their money and then waste their time at the police, they noted.

They are discouraged by a SEC practice of sending letters to investors calling for explanations after they make sizeable investments in the share market, brokers added.

 

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