Market/Price Manipulation
Type of enforcement action
Name of Party
Conduct and outcome
Warning
Mr. Y.G.M.R Mohomad Simsan
The SEC issued a letter of warning for creating price increments in the shares of Expolanka Holdings PLC (EXPO.N), which may be in violation of Section 129 (1) of the Securities and Exchange Commission of Sri Lanka Act 19 of 2021 in the future.
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Date of Issue: 19th July 2023
Caution
Mr. Liyanage Sahan Chathuranga
Publication of certain comments on the securities of Softlogic Life Insurance PLC (AAIC) listed on the Colombo Stock Exchange, in a WhatsApp Social Media Group named–”Investing ”, in and around January 2023 that tantamount to recommendations being made to influence other investors to make investment decisions regarding those securities without a proper basis.
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Date of Issue: 03rd May 2023
Caution
Mr. Murugesh Kanapathippillai Nambiyarooran
Publication of certain comments on certain securities listed on the Colombo Stock Exchange, in a WhatsApp Social Media Groups named named–”CSE Small Investors 2” , “INVESTOR’S MIND”, “CSE Smart Investors ”, “Smart Investors ” , ”Investing ”, “Investment Forum”, during the period October – December 2022 which would tantamount to recommendations being made to influence other investors to make investment decisions regarding those securities without a proper basis.
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Date of Issue: 03rd May 2023
Caution
Mr. A.C.A.Shaja
Publication of certain comments on certain securities listed on the Colombo Stock Exchange, in a WhatsApp Social Media Groups named-“MODERN SHARE MARKET CSE”, “MODERN HIGH NETWORK HUB” during the period August to September 2022 which would tantamount to recommendations being made to influence other investors to make investment decisions regarding those securities without a proper basis
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Date of Issue: 03rd May 2023
Warning
Mr. Dushan Imalka Kirumbara Liyanage
Publication of certain comments on certain securities listed on the Colombo Stock Exchange, on the social media platform named-Twitter during the period September – October 2022 that would tantamount to recommendations being made to influence other investors to make investment decisions regarding those securities without a proper basis and thereby even contribute towards creating a false market in respect of those securities; and -utilizing the CDS Accounts of third parties without prior written authorization.
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Date of Issue: 03rd May 2023
Suspension
Mr. Sriyan Gurusinghe
Following the findings of the SEC on an investigation conducted into the trading in the shares of Ceylon Grain Elevators PLC (GRAN) during the period 14th December 2010 to 3rd March 2011 prior to the Employees Provident Fund (EPF) making an investment in the shares of Ceylon Grain Elevators PLC in March 2011, regarding his conduct when he functioned as an employee dealing with clients while employed at Ceylinco Stockbrokers (Pvt) Ltd during the aforesaid period in question, the Commission issued directive under section 16 (c) of the Securities and Exchange Commission of Sri Lanka Act No 19 of 2021 to this individual suspending him from functioning as a Key Management Personnel or an employee dealing with clients of a Market Intermediary or a Market Institution as he is disqualified to function as such under Rule 6 (g) of the Schedule II -Fitness and Propriety of a Key Management Person of Market Intermediaries and Market Institutions of the SEC Rules published in Gazette Extraordinary No 2271/09 dated 15th March 2022 and Gazette Extraordinary No 2271/10 dated 15th March 2022 respectively, to be read with Rule (5) (a) (ii) of Section 4-Minimum Standards for Trading Participants of the Trading Participant Rules of the Colombo Stock Exchange.
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Directive issued on 25th April 2023
Suspension
Mr. Dinal Wijemanne
Following the findings of the SEC on an investigation conducted into the trading in the shares of Ceylon Grain Elevators PLC (GRAN) during the period 14th December 2010 to 3rd March 2011 prior to the Employees Provident Fund (EPF) making an investment in the shares of Ceylon Grain Elevators PLC in March 2011, regarding his conduct when he functioned as an employee dealing with clients while employed at Taprobane Securities (Pvt) Ltd and during the aforesaid period in question, the Commission issued directive under section 16 (c) of the Securities and Exchange Commission of Sri Lanka Act No 19 of 2021 to this individual suspending him from functioning as a Key Management Personnel or an employee dealing with clients of a Market Intermediary or a Market Institution as he is disqualified to function as such under Rule 6 (g) of the Schedule II -Fitness and Propriety of a Key Management Person of Market Intermediaries and Market Institutions of the SEC Rules published in Gazette Extraordinary No 2271/09 dated 15th March 2022 and Gazette Extraordinary No 2271/10 dated 15th March 2022 respectively, to be read with Rule (5) (a) (ii) of Section 4-Minimum Standards for Trading Participants of the Trading Participant Rules of the Colombo Stock Exchange.
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Directive issued on 25th April 2023
Warning
1. Mr. H. H. W. K. Hewawasam
2. Mr. T. G. U. Kumar
3. Mr. B. M. M. P. Banneheka
4. Mr. M. K. P. C. Ekanayake
5. Mrs. M. A. Shanthi
6. Mrs. W. R. Wijethunga
7. Mr. H. M. C. B. Mavilmada
8. Mr. G. B. D. Tilakarathne
9. Mr. R. K. Kaluthanthrige Don
The individuals were warned for trading in the shares of Expolanka Holdings PLC (EXPO) in a manner that created a price volatility by their purchase of less than 10 shares at a time, during the period 02nd September 2020 to 05th November 2020.
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Warnings were issued on 02nd and 03rd November 2022.
Compounding
Mr. K.D Gunaratna
Upon a request to compound, , with regard to creating a false market or misleading appearance of active trading in the shares of Commercial Leasing & Finance PLC (CLC) during the period, 09th – 25th August 2021, which is an offence under Rule 12 of the Securities and Exchange Commission of Sri Lanka Rules, the Commission decided to compound the offence as provided for under section 51A of the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 upon the payment of a sum of Rs. 3.3 Million to the Compensation Fund of the SEC.
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Compounded on – 14th October 2022
Compounding
Mr. W.D.N.H Perera
Upon a request to compound, with regard to creating a false market or misleading appearance of active trading in the shares of Regnis Lanka PLC (REG) during the period , 13 September – 13th October 2011, which is an offence under Rule 12 of the Securities and Exchange Commission of Sri Lanka Rules, the Commission decided to compound as provided for under section 51A of the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 upon the payment of a sum of Rs. 3.3 Million to the Compensation Fund of the SEC.
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Compounded on – 02 September 2022
Compounding
Mr. W.D.N.H Perera
Upon a request to compound, with regard to creating a false market or misleading appearance of active trading in the shares of ASCOT Holdings PLC during the period 05th September to 12th September 2011, which is an offence under Rule 12 of the Securities and Exchange Commission of Sri Lanka Rules, the Commission decided to compound as provided for under section 51A of the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 upon the payment of a sum of Rs. 3.3 Million to the Compensation Fund of the SEC.
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Compounded on 02nd September 2022
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.