Wednesday, September 1, 2010

Share index rose to a new record

Sri Lanka shares hit new peak amid new SEC rule

Sept 1 (Reuters) - Sri Lanka's benchmark share index rose to a new record on Wednesday, and the Securities and Exchange Commission (SEC) ordered listed companies to immediately disclose related party transactions.

Institutional and foreign investors have long clamoured for prompter disclosure of insider dealings, amid complaints of manipulation. Previously, related-party transactions were only only required disclosure in annual reports.

According to the ruling issued after trading closed on Wednesday, immediate disclosure is required for any related-party transaction which exceeds 10 percent of equity or 5 percent of total corporate assets.

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