Sri Lanka new stockbrokers shape up
May 30, 2010 (LBO) - Several firms which have been given the nod to trade as brokers in Sri Lanka's Colombo Stock Exchange are completing final procedures to get a license, the firms and reports said.
Last week listed Richard Pieris and Company made a formal disclosure to the stock exchange saying it had made an application and CSE has given it provisional approval and it was submitting requested documentation to get license from the regulator.
The first disclosure however came from India, when India Infolines disclosed that it had been given provisional approval from the Colombo Stock Exchange.
Sri Lanka's The Sunday Times newspaper quoted state-run Bank of Ceylon Chairman Gamini Wickremesinghe that it has also received preliminary approval and was incorporating a brokering firm which it wanted to list at a later date.
The Bank of Ceylon group already has a stake in Lanka Securities, a full member of the Colombo Stock Exchange through its subsidiary, Merchant Bank of Sri Lanka.
The newspaper, quoting an un-named source said Sri Lanka's Mackwoods group and Commercial Bank of Ceylon, were also inline to get a stockbrokering licenses.
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