Market/Price Manipulation

Market/Price Manipulation

Type of enforcement action

Name of Party

Conduct and outcome

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.

Compounded on – 14th October 2022

Compounding

Mr. W.D.N.H Perera

Upon a request to compound, without an admission of liability, 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.

Compounded on – 02 September 2022

Compounding

Mr. W.D.N.H Perera

Upon a request to compound, without an admission of liability, 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.

 

Compounded on 02nd September 2022

Warning

Mr. Buddhike Payoe

The SEC issued a letter of warning for conduct related to suspected price/market manipulation in the shares of On’ally Holdings PLC (ONAL) during the period June/July, 2011 in the capacity of an investment advisor.

Warning issued on 17th August 2022

Warning

1. Mr. A. S. Hendavitharana
2. Dr. N. A. Senadeera
3. Mr. P.H.K. Boteju
4. Mr. I. P. A. Piyatissa
5. Mr. W. M. N. P. Rathnayaka
6. Mr. A.J.M.Y.B. Serasinghe
7. Mr. K.A.D.A. Meththasena
8. Mr. H.J.M.D.N. Bandara
9. Mr. W.R. Dharmasena

The SEC issued letters of warning for their involvement in contributing to the creation of an appearance of a false market by their purchase of one share each in the shares of Browns Investments PLC (BIL) during the period 01st December 2020– 15th January 2021.

Warning issued on 11th January 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.