Lanka Rating Agency Restrained By SEC from providing new ratings

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June 4, 2015 (LBO) -The Securities & Exchange Commission of Sri Lanka (SEC) has taken steps to restrain Lanka Rating Agency Ltd from providing new ratings with effect from 25th March 2015 until the company complies with regulatory requirements imposed by the Commission, the security watch dog said in a statement today.

“The Commission took this decision at its 353rd meeting held on 10th March 2015 after deliberating on certain structural issues pertaining to the company,” The SEC said.

“The Commission is statutorily vested with the objective of protecting the interest of investors and is empowered to do all such acts as may be incidental or conducive to attainment of the objects of the Commission.”

Lanka Rating Agency Limited is a registered Market Intermediary with the Securities and Exchange Commission of Sri Lanka under the category of a Credit Rating Agency and is one of the third of credit rating agencies operating in Sri Lanka under the purview of the SEC.