Administrative Sanctions
Type of enforcement action
Name of Party
Conduct and outcome
Administrative Penalty
22nd May 2023
Access Engineering PLC
The SEC noted that Access Engineering PLC delayed the disclosure relating to a rating downgrade immediately to the market as required by Rule 7.13(b)(ii) Listing Rules of the CSE.
Having regard to the nature and the manner of the non-compliance and also having given due regard to the proportionality to the severity or gravity of the non-compliance, the SEC imposed an administrative penalty of Five Million Rupees (Rs.5,000,000/-) on Access Engineering PLC (AEL) in terms of Section 178 (1)(ii) of the Securities and Exchange Commission of Sri Lanka Act No.19 of 2021.
Administrative Penalty
14th September 2022
Capital Trust Securities (Pvt) Ltd
An Administrative penalty of Rs. 500,000/- was imposed on Capital Trust Securities (Pvt) Ltd (DSA), in terms of section 178 (1) (ii) of the SEC Act, for having contravened section 112 (1) of the SEC Act and was directed in terms of section 178 (1) (i) of the SEC Act to comply and observe practices relating to conduct of its activities as a Stockbroker licensed by the SEC.
The above Administrative penalty was imposed in terms of the decision of the Members of the Commission taken at its 472nd Meeting held on 14th September 2022 after having considered the procedures followed by DSA with regard to making recommendations to clients without a basis with in respect of the shares of Softlogic Life Insurance PLC (AAIC.N) and causing negative impact on its price.
Kindly note that the names of certain personnel against whom enforcement action were taken in the past pertaining to this offence have been removed in accordance with the retention policy for publications.