SEC advises TKS Securities over possible violation of rules

Jan 11, 2016 (LBO) – Sri Lanka’s securities watchdog has advised TKS Securities, a registered stockbroker, that their agent has made representations to the public as an investment advisor.

The Securities and Exchange Commission said they are aware that an Agent of TKS Securities is carrying on business under a name of ‘Investor Eye’ or ‘Ayojana Guru’ and offering investment advice to the public independently of TKS Securities.

“A Stockbroker may offer investment advice to clients; it may do so only through certified Investment Advisors employed by such Stockbroker,” SEC said in a statement.

An Agent or any person employed by such Agent cannot provide any investment advice.

The stockbroker has been further advised that it will be held responsible for any violations committed by its Agents of the Stockbroker Rules of the CSE and SEC.

The Securities and Exchange Commission in November 2015 renewed the license granted to TKS Securities to function in the capacity of a Stockbroker.