The Ceylon Chamber of Commerce requests the Chairman of the Securities and Exchange Commission to reconsider the decision to direct the CSE to temporarily close the stock market for a period of five business days commencing from 18th April.
“This action will be seen by market participants as akin to the unsuccessful attempt made to hold the exchange rate constant against market forces,” Chairman of Ceylon Chamber of Commerce Vish Govindasamy stressed.
“Therefore, we earnestly request you to reconsider this move and direct the CSE to operate freely even amid challenging market conditions safeguarding its reputation as an investor-friendly stock market.
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The Board of Directors of the Colombo Stock Exchange (CSE) by way of a communication dated 15th April 2022 has called upon the Securities and Exchange Commission of Sri Lanka (SEC) to temporarily close the stock market citing the present situation in the country.
Many other stakeholders of the securities market including the Colombo Stock Brokers Association have also sought the temporary closure of the market on the same grounds.
In terms of the provisions contained in Section 30 of the Securities and Exchange Commission Act No. 19 of 2021, the SEC today decided to direct the CSE to temporarily close the stock market for a period of five business days commencing from 18th April 2022.
Related: Colombo Stock Brokers Association defends the decision by SEC to temporarily close down CSELetter-to-SEC-16AprilFn