The Securities and Exchange Commission (SEC) of Sri Lanka has decided to enforce more strictly the stock market procedures applicable to listed public companies from next year.
The SEC said following discussions at its meetings held on 4th and 14th August 2017 on the adequacy of the current Listing Rules of the Colombo Stock Exchange (CSE) relating to the enforcement procedures applicable to listed public companies, it has decided to adopt a more Stringent policy of enforcement.
Accordingly, SEC has decided to direct the CSE to incorporate Rules drafted in relation to;
a) violations of Rules on corporate governance by listed public companies;
b) late submission or non-submission of interim financial statements by listed public companies;
c) late submission or non-submission of annual reports by listed public companies;
cl) incidence of modified audit opinions in the audited financial statements of listed public companies; and
e) incidence of an emphasis of matter on going concern in the audited financial statements of listed public companies.