SECURITIES AND EXCHANGE COMMISSION OF SRI LANKA |
PRINCIPAL OFFICERS OF THE SECRETARIAT Mr. Dhammika Perera - Director, Investigations
The Corporate Affairs Division reviews market disclosures and other information that listed companies are required to disseminate to the public to reduce asymmetry of information. The Division monitors compliance with the companies' Takeovers and mergers code. It further inquires into and resolves complaints of market intermediaries and investors. With the assistance of a real time surveillance system continuous monitoring is carried out of share trading activities of Listed Entities in order to detect unfair transactions that violate laws and regulations. The Division processes and approves off- the- Floor transfers of securities and is further responsible for reviewing de-listing applications. It is also responsible for approving the issuance of unlisted securities of listed entities. The Division approves the allotment of securities of companies that allot securities prior to obtaining a listing, but intends to obtain a listing on the stock exchange within a period of twelve months. The responsibilities of the Unit include receiving and collating input on policy issues including the undertaking of comparative surveys in order to ascertain the present status, including gaps, in the capital market based on such input. The Unit is also responsible for the analysis, formulation and recommendation of policies, monitoring of policy implementations and providing information-backstopping services to the Director General and other Divisions to assist in decision making. This also includes information relating to regional and international trends and developments as well.
The Supervision Division has responsibility to monitor the financial and operational performance of licensed market intermediaries, including Stock Broker – Dealers, Unit Trust Management Companies, Margin Providers, Investment Managers, Underwriters, Credit Rating Agencies and Clearing House. The Division's primary objective is to ensure that the licensed market intermediaries are financially stable and operationally viable which is monitored through both On- site and Off- site risk based supervision of the licensed Market Intermediaries. In addition the Division is also entrusted to conduct regulatory audits of the Colombo Stock Exchange. Further the Division monitors due compliance with the laws and regulations of the Securities Exchange Commission by the licensed Market intermediaries.
The responsibilities of the Division includes conducting investigations and inquiries into complaints of alleged fraudulent activities in the securities market and violations of securities laws, rules and regulations that appear to require the institution of legal or other disciplinary proceedings and/or the imposition of sanctions against the transgressors.
The Division is responsible for Stakeholder relations with emphasis on education. Through its training arm, the division is actively involved in facilitating the creation of a literate and educated society on Capital Markets by providing education and training tools that promote continuous learning and skills upgrading. The development wing is responsible for initiating plans to develop the securities industry by introducing/refining Market development activities.
The main responsibility of the Division is to ensure that the Commission and its respective Divisions function in a smooth and efficient manner. The Division is entrusted with a wide range of responsibilities which include financial control and budgeting, recruitment and personnel management, management of the Commission’s funds, supervision of general maintenance and upkeep of the Secretariat, internal risk management and procurement and management of office facilities and supplies.
7. SURVEILLANCE AND RESEARCH DIVISION
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