Listing Deadline

July 5, 2009 (LBO) – Sri Lanka’s registered finance companies will have to be listed by June 30, 2011 as part of a prudential regulation framework promoted by the Central Bank, a media report said. The Sunday Island newspaper quoted Central Bank governor Nivard Cabraal as saying that out of 34 registered finance companies only eight were listed so far, and the rest would be given two years to get themselves listed.

Cabraal told a business forum Wednesday, that financing companies would be required to list on the Colombo Stock Exchange as part of a consolidate oversight process which would also involve the accounting and securities watchdogs.

The banking and non-bank finance companies are regulated by the Central Bank.

Insurance firms are regulated by the Insurance Board of Sri Lanka, which is closely lined to the Securities and Exchange Commission.