CSE requests clients of barred broker firms to transfer their stocks

Apr 24, 2018 (LBO) – Colombo Stock Exchange on Tuesday requested the clients of stockbroker firms whose trading activities have been prohibited due to non-compliance, to transfer their securities portfolios to any other firm if they want.

The CSE further revealed that these barred broker firms will only be permitted to resume all trading activities no sooner they comply with the Minimum Capital Adequacy Requirements and Minimum Shareholders’ Fund Requirement, as applicable.

The following four stockbroker firms have been prohibited from carrying out trading activities due to non-compliance with Rule 5.1.1 and Rule 5.2.1 of the stockbroker rules.

Stockbroker Firm Broker ID Effective Date Reason
Nation Lanka Equities  (Pvt.) Ltd. COM 09″  October 2017 Non-Compliance with Minimum Capital  Adequacy Requirements
17t’ April 2018 Non-Compliance with Minimum Shareholders’ Fund Requirement
Navara Securities (Pvt.) Ltd. NWS 22nd March 2018 Non-Compliance  with Minimum Capital Adequacy Requirements
17t’ April 2018 Non-Compliance with Minimum  Shareholders’ Fund Requirement
TKS Securities (Pvt.) Ltd. TKS 17″ April 2018 Non-Compliance  with Minimum Shareholders’ Fund Requirement
Claridge Stockbrokers (Pvt.) Ltd. CSL 17″  April 2018 Non-Compliance  with Minimum Shareholders’ Fund Requirement