UPDATE-President promises to consider Colombo bourse concerns

 

President Mahinda Rajapaksa, who met a group of top brokers and CEOs of broking firms on Monday, assured them their concerns over a credit crunch that is hurting the market, will be looked into.
“You do your part by bringing in more investment (into the country) and we’ll do our part to solve any issues,” a broker quoted the president as telling the group.
The brokers had a long litany of complaints and some suggestions to alleviate the credit crisis which is partly responsible for the market falling in recent weeks. However President Rajapaksa stopped short of agreeing to any of these proposals, saying only that they would be considered. Treasury Secretary P.B. Jayasundera was also associated with the meeting.
Brokers are seeking to change or remove some stringent regulations which are affecting their business. The meeting with the president saw the market perk up by over 3 % on Monday. –ENDS-

EARLIER-Lankan stock brokers turn to President to rectify problems

Some stock brokers are meeting Sri Lankan President Mahinda Rajapaksa today (Monday) at 11.30 am in a bid to change or remove some stringent regulations which are affecting their business.

This follows a meeting these brokers had on Thursday with the Securities and Exchange Commission (SEC) and the Colombo Stock Exchange (CSE).

“We are especially trying to get the credit rules out and we are suggesting for brokers’ credit exposure to be increased to two times their liquid capital instead of the one time at present,” a spokesman for these brokers said. He noted that while the CSE gave a patient hearing to their concerns, the SEC was not forthcoming. “They said that it will be analysed and they will come back to us,” the official added.

He said that they will also be raising concerns over the Expropriation Bill, rising interest rates and the overregulation in the share market. (DEC)