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Chief Executive Officer at the Colombo Stock Exchange Rajeeva Bandaranaike said the intention of introducing the minimum holding rule was to encourage the public float. “The intention was good, but companies really did not choose to divest.
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Instead some companies choose to demote themselves to Diri Savi board and some others choose to de-list,” Bandaranaike said. Few companies have already de-listed and several others have transferred to the secondary Diri Savi Board following the introduction of new rules. “The regulator is looking at it right now and there is a strong possibility that they reconsider the rule.
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Right now most of the companies have been given extension of one year.
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” Bandaranaike was speaking at the capital market conference 2016 organized by UTO Edu Consult. The securities watchdog brought in the new rules that are applicable to all public listed entities which have their equity listed on the CSE effective from 01 January 2014. As per the minimum public holding rules, there are two ways to get listed on the main board of the Colombo Stock Exchange.
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One option is that a listed entity on the main board should maintain a minimum public holding of 20 percent of its total listed ordinary voting shares in the hands of a minimum of 750 public shareholders.
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Second option is that a market capitalization of 5 billion rupees of its public holding in the hands of a minimum of 500 public shareholders while maintaining a minimum public holding of 10 percent. To list on the secondary DiriSavi Board, a company should maintain a minimum public holding of 10 percent of its total listed shares in the hands of a minimum of 200 public shareholders.
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Sri Lanka likes to pretend to be a democracy while being a hypocrisy so it is not at all surprising that its attempt to generate a capital market driven economy has led to the generation of something akin to a kleptocracy where investors often see no dividends and have no ability to influence boards that often consist of directors who have no idea of the difference between a process driven and personality driven organization and why the former is preferred to the latter and its deep relations to the generation of kleptocracy.
A capital market is supposed to facilitate the purchase of capital by those who require capital for deployment in their operations. The resale of units of capital in secondary markets does not necessarily perform this function although it may facilitate and act as an incentive that drives its primary dynamics. Stimulating the secondary market by introducing such measures as a “minimum pubic float rule” is not going to provide capital starved operators with the capital that they require. All it will do is provide speculators with more chips to play with. I am amazed that a securities exchange commission whose focus should be on facilitating the purchase of capital for deployment in productive operations should have got involved in attempting to stimulate the secondary market which is not the priority at the moment. As can be seen this attempt has had a direct negative impact on the willingness to purchase capital for operational deployment.
What the SEC can do is to increase the willingness of investors to put their capital up for sale and increase the ease with which those who wish to purchase it can do so. This can be done in many ways that have to be documented and carefully analyzed for their implications and impacts before attempting their implementation. As in all cases the wheel does not have to be invented all over again and we can always learn from those who have already perceived, tried and tested these methods. Of course wheels are not necessarily the best method of locomotion ad the evolutionary process learned long ago and so there is certainly much room for innovation. I would like to see the SEC moving in these directions decisively. I hope it has the courage to do so and that it is willing to open its doors to innovators as well.
It is obvious that the more rules that there are, the more people will leave. Some common sense rules are required, but there is such a thing as over-regulation that borders on market manipulation
This kind of bungling displayed by the SEC not surprisingly continues on the CSE as well. In the 26th of November 2015 the CSE announced the proposed establishment of “an Institution to act as a Central Counterparty for all secondary market transactions on the CSE” in other words a Central Counter Party Clearing House (CCPCH). A reading of the related media release indicates that either the CSE had or its audience was assumed to have no idea of what a CCPCH is, how it works, how such mechanism have come into being and how the nexus of concepts or “knowledge” that generates them can be accessed. This is perhaps the most important kind of “Knowledge” required for the knowledge economy that Joseph Stiglitz continues to advocate and which we keep repeating and talking about but have no clue about and even less about how to make it happen.
On the 3rd of December 2015 the CSE announced that it is “adopting the Global Industry Classification Standard (GICS) to classify its listed companies” having realized perhaps a bit late in the day that the adoption of the GICS would probably have to precede the establishment of a CCPCH and that it had in effect “put the cart before the horse” so to speak.
The announcement maintained that “The pilot period commenced on Dec 02, 2015 and the classification of companies with market data can be accessed through http://www.cse.lk” seeming to imply that the reader had simply got to go to http://www.cse.lk to find the “classification of companies with market data “ arrayed in GICS categories. This was not so and not surprisingly. Anyone taking a look at the Standard and Poor’s GICS at http://www.spindices.com/documents/index-policies/methodology-gics.pdf will get an idea of its complexity and how long it is likely to gather the required data and configure it in the required categories, but “no problem” I was told, because “we have a team on it”.
As the amount of work involved in shifting to the GICS and setting up a CCPCH began to sink in the CSE the CSE said – on the 14th of January 2016 : http://www.lankabusinessonline.com/ccp-by-first-quarter-2017-cse-chairman/
– that it “aims to establish the Central Counter Party (CCP) system, a new risk management system, by early 2017” http://www.lankabusinessonline.com/ccp-by-first-quarter-2017-cse-chairman/
This seemed to indicate that the CSE and SEC had no clue what they were dealing with and being aware of the nature of what was involved I made it clear that “With central counter
party systems available all over the world, how can it take so long…??? There is no need to re invent the wheel using consultants who have never built one…! A small stake in the CSE … OR BETTER STILL A LICENSE AND AN OPEN PATH TO BUILD A NEW STOCK EXCHANGE THAT IS GEARED TO LIST FOREIGN CORPORATE
VEHICLES…will lead to a win win transfer of this process.”
I can now confirm that THE CAPACITY TO HAVE SUCH A SYSTEM UP AND RUNNING WITHIN A FEW MONTHS IS WITHIN COMMAND if the CSE wants it and is willing to approach this task realistically and in an open and completely transparent manner without playing hide and seek with the public.
On the 11th of February 2016 the CSE “says they are calling for Request for Information (RFIs) inviting potential suppliers for the Central Counter Party (CCP) system to be implement in early 2017”. This implied that the CSE seemed to think that it was searching for some kind of off the shelf solution rather than a highly complex system that constituted a high
level of information. The CSE seemed to think that developers of such a knowledge base would be waiting eagerly for an opportunity to “ Share their knowledge with the world” and to do so through a tendering process that aimed either at the lowest bidder or the one who could best satisfy other requirements. This is like “wanted rocket technology transfer”. Why would any one with that kind of knowledge wish to share it unless there was significant strategic advantage to be gained???
Not unexpectedly at least 10 organizations that have successfully developed CCPCH were simply not interested in sharing their knowledge with an island with a small population of 20,000,000 people that had no economic achievements of any significance since its independence and several negative features including a national average IQ of just 79. The CSE also in its RFI takes the stand that the CCPCH must “be established as a wholly owned subsidiary of CSE, located in Colombo” which means a give away of this highly complex knowledge at a price that Sri Lanka would determine.
The outcome of this process will be interesting to observe. No doubt those who have developed CCPCH will rush over like eager salespersons and fall at the feet of the CSE begging that the CSE “purchase” their knowledge as cheaply as possible.
THE UNP and SLFP may have begun to learn how to work together. This however is far from enough. If they wish to realize the islands potential that has been very clearly described on many occasions as possible then they must also learn how to work with the rest of the world. It will be a great help if extremely creative human resources with high levels of perceptual and conceptual functionality as well as deep strategic competencies are positioned at the head of the SEC and CSE since these mechanisms play a vital role in the emergence of the island as the entrepot for capital to the regions that it links.
It is up to the government to meet this need if what can be done is to be done of our own volition before strategic forces force what can happen to happen. I repeat – I can now confirm that THE CAPACITY TO HAVE SUCH A SYSTEM (CCPCH) UP AND RUNNING WITHIN A FEW MONTHS (maybe just three months or less if the CSE can move fast enough) IS WITHIN COMMAND if the CSE wants it and is willing to approach this task realistically and in an open and completely transparent manner without playing hide and seek with the public.
Minimum public float is a must for any new companies listing in CSE and also it should be maintained by the respective listed companies. A public float of 15% to 20% should be required. if not, foreign investors will never take CSE seriously. If you look at current tickers that foreigners hold like JKH and COMB – its due to the depth of the float. so SEC should move to a minimum public float basis. No use crying over this, as other markets such as Singapore and Malaysia also have similar rules.
“Few companies have already de-listed…” Yes among the few, INCLUDING a Company that is headed by the present CSE chairman.. This review could have been done sometime back, when a series of companies started de-listing. SEC and CSE are spending so much for awareness for the listing of new companies in order to increase market capitalization and depth while, not taking immediate efforts to stop the de-listing of companies that are already listed.