gossip lanka

Initiative to Digitalize the Colombo Stock Market launched

A Joint Committee between the Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) was formed with the objective of identifying measures and mechanisms required for the Colombo Stock market to conduct its core activities digitally.
The first phase of this initiative was launched and under this initiative, it has been decided to convert paper-based statements to electronic form and to facilitate companies listed on the CSE to pay dividends electronically to shareholders.

Under the existing rules, Stockbroker Firms and the CDS use paper-based statements except where Accountholders and clients of Stock Broker Firms have specifically requested for statements to be sent electronically.

Similarly, the existing listing rules have provided for the issue of Annual Reports in a CD ROM form and most companies follow this method of issuing Annual Reports.

The Stock Broker rules have been amended to make it mandatory for the Stock Broker Firms to dispatch Bought and Sold Notes and statements of Accounts by electronic means to their clients.