28th June 2011, www.news360.lk
Securities and Exchange Commission says the “Automated Surveillance System” currently up and running in the CSE has helped the surveillance activities of the bourse.
According to the Director Surveillance of the Securities & Exchange Commission Chandu Epitawala, so far the system has helped to identify about 15 possible breaches of “securities law” taken place in the CSE during this year.
SEC says the system formally started operating from the 1st quarter of this year, but was under testing for nearly 6 months since the last quarter of 2010.
The system provides SEC with an analytic platform that supports and accelerates investigations and research functions.
A product of Millanium IT, a member of the London Stock Exchange, the system is also linked to several data bases of insiders of listed companies, their related parties and market intermediaries.
This situation according market regulator accommodates speedy detection of insider dealing.
Epitawala also said the Rs. 20 million worth state of the art system is installed in the London Stock Exchange and the Egyptian Stock Exchanges.
The SEC in its 2010 annual report said it has detected nearly 30 cases which are suspected to have breached the “Securities Law”.
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