Letter from Rehan about the suspend of InvestNow.lk
Dearest Members, Investors and those who are just starting out,
It is with great regret that I write this message to you all that I am temporarily suspending the forum in order to rework our strategy and create a professional entity that will continue to help investors navigate the great depths of the market and act to be a credible guide with the help of you all, the community.
The events that have taken place over this short period of time have convinced me that we seriously need to make a stand to save what we have all built and act in a manner that best serves the community, our country and that can truly help the Colombo Stock Exchange reach greater heights and be free from manipulative control through education and creating awareness.
In the coming weeks I will be developing a more robust system that can handle these issues and I hope that I can count on your support to do this.
If anyone who like to have a refund for any services paid for that are still valid then please send me an email. I'll be happy to do the needful.
Sorry for the inconvenience.
I do however thank you for your reply to my post, "Message to All Our Members" which you have highlighted the benefit of my proposed system :D
To be honest, I like your initiative; it's bold and if that is what is necessary to bring some credibility to this system then so be it :D
I actually haven't traded in months, not something you might have expected from the guy running this thing; heck I should be rolling in cash and make it open to everyone even without verification like some other sites claiming no responsibility for what happens and leave it entirely to their membership to abuse. Well, that's not the way I like to run things ;)
Let's create an approachable market serviced by professionals who actually care about developing the share market with no agenda and free it from the manipulators whose aim is to ride the market and leave the small guys holding the bag; shame on them!
Consider this a movement; my hope is that we share the same goals and can encourage more reputable organizations to join and create an investment culture that best serves the community and for that we require the assistance of the SEC and all related parties.
This is an invitation to really serve our community :D
Update on 31 Jan, 2011
An article was published on lbo.lk about the incident..
author: Ishara M Gamage
Sri Lanka stock website shuts after regulator warning
Jan 31, 2011 (LBO) - A Sri Lanka stock investment website has closed after warnings against misleading investors by the capital markets regulator, whose officials said they were cracking down on such sites.
An official at the Securities and Exchange Commission said they warned the people operating the website, saying misleading advice that influence share prices could violate SEC regulations.
The operator of the site, investnow.lk, decided to close last week after the warning by the regulator.
A notice posted on the website said it was "temporarily suspending" the forum in order to "rework" its strategy and create a "professional entity that will continue to help investors navigate the great depths of the market and act to be a credible guide with the help of you all, the community."
It said it would act in a manner that "best serves the community . . . and be free from manipulative control through education and creating awareness."
The site offered to refund members for any services paid for that are still valid.
The SEC official said they were also monitoring other websites that offer advice on investing in the stock market which has been on a bull run since the island's 30-year ethnic war ended in 2009.
The SEC was also investigating stock brokers believed to be behind some of the websites that offer advice to investors, he said.
The Colombo bourse was Asia's second-best performing market last year