The Securities and Exchange Commission of Sri Lanka (SEC) has cautioned investors and the general public that Samagi Capital (Private) Limited is not licensed to operate as a stockbroker or stock dealer in the country.

The SEC said a certificate circulating on social media, which purports to grant a Broker Dealer License to the company, is fraudulent and has not been issued by the Commission. The regulator described the document as “fake and misleading.”

In its advisory, the SEC strongly urged investors not to deposit any funds into accounts linked to Samagi Capital for the purpose of trading on the Colombo Stock Exchange (CSE).

To safeguard investments, the SEC reminded the public to verify licensed intermediaries through the official websites of the SEC and CSE and to conduct transactions only via SEC‑licensed stockbroker firms.

The SEC further stressed that investor protection is paramount and urged the public to exercise due diligence and verify credentials before investing. (Newswire)

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The Securities and Exchange Commission of Sri Lanka (SEC) announced that “Gladius South Asia” is not licensed to operate as a market participant in Sri Lanka or abroad. 

Clarifying in a statement on ‘X’, the SEC said it does not regulate or issue licenses for entities to function in foreign jurisdictions.

“It has come to the attention of the SEC that Gladius South Asia, in some instances, informs clients that it is licensed by the Financial Conduct Authority (FCA) in the United Kingdom. However, the FCA has officially confirmed to the SEC that Gladius South Asia is not a registered entity with the FCA,” the statement further said.  

As such, the SEC requested the public to note that all financial services activities must be authorized or registered by the Financial Conduct Authority (FCA) in the United Kingdom. (Newswire)

Alert!

The Securities and Exchange Commission of Sri Lanka (SEC) wishes to inform the public that “Gladius South Asia” is not licensed by the SEC to operate as a Market Participant within or outside Sri Lanka. The SEC does not regulate, nor does it grant licenses for entities to… pic.twitter.com/aFNWtxLrbo

— SEC SL – Capital Market Development & Awareness (@SEC_SriLanka) December 9, 2025

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The appointments of three chairmen of state-owned institutions were approved by the Parliamentary Committee on High Posts yesterday (26).

The appointments approved by the committee are as follows;

• Dr. D.B.P.H. Dissabandara – Chairman of the Securities and Exchange Commission of Sri Lanka
• M.D.C.A. Perera – Chairman of the National Lotteries Board
• Eng. P.V.A. Hemalal – Chairman of Kahatagaha Graphite Lanka Limited 

The meeting was chaired by Prime Minister Harini Amarasuriya, and a group of committee members participated in this meeting. (Newswire)

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Senior Professor Hareendra Dissabandara has been appointed the new Chairman of the Securities and Exchange Commission (SEC). 

Prof. Dissabandara was appointed to the top post in the capital market regulatory body by President Anura Kumara Dissanayake, in his capacity as Finance Minister.

He replaces Faizal Salieh, who was appointed in February 2023 by then-President Ranil Wickremesinghe as the Finance Minister. 

Prof. Dissabandara previously served as SEC Director General from 2012-2013 as well as its Financial Services Academy and Capital Market Education and Training Division Director from 2008-2012. 

As SEC Director General, he initiated 10 key projects to accelerate the development of the Sri Lankan capital market. (Newswire)

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Two directors of Sri Lanka’s Laugfs Gas PLC and a stockbroker have made a settlement of Rs. 231 million to the state-owned Employees’ Provident Fund (EPF) over an action filed by the Securities and Exchange Commission of Sri Lanka (SEC) for offences of conspiracy to commit Market Manipulation.

According to a statement on the SEC’s official website, the action was filed against W.K.H. Wegapitiya for offences of conspiracy to commit Market Manipulation and committing Market Manipulation under the provisions of the then Securities and Exchange Commission of Sri Lanka Act No 36 of 1987 as amended before the Fort Magistrates’ Court in Case bearing No 16967/20, in respect of the shares of Laugfs Gas PLC between 07-10 October 2011.

An application was made in Court by the Counsel representing W.K.H. Wegapitiya for the SEC to consider compounding these offences in terms of Section 51A of the then Securities and Exchange Commission of Sri Lanka Act No 36 of 1987 as amended.

Having considered the loss caused to the Employees’ Provident Fund, the time since the said offences were committed, the accused agreeing to settle the loss caused to the EPF, other pending litigation connected to this case, and the absence of previous convictions, the SEC decided to consider the application to Compound the said offences upon the payment of a sum of Rs. 6.6 Million to the Compensation Fund of the SEC by the accused.

This compounding was effected following Wegapitiya together with the other accused in this case, U.K. Tilak N de Silva and T. I. Hulangamuwa agreeing to settle the EPF the excess amount of Rs. 231 Million paid by the EPF in respect of the 33 Million shares of Laugfs Gas PLC bought at Rs. 48/- on 10th October 2011.

The amounts referred to above were settled to the EPF and the SEC in open Court by Wegapitiya and the other two accused when the matter was called before the Fort Magistrate on 19 July 2024.

According to the SEC, the said funds have been duly credited to the EPF and the Compensation Fund of the SEC respectively. (Newswire)

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The Securities and Exchange Commission of Sri Lanka (SEC) has approved a list of Accredited Shariah Scholars as “Supplementary Service Providers”. 

These scholars are authorized to certify the Shariah compliance of Islamic Capital Market Products intended for listing on the Colombo Stock Exchange (CSE) in accordance with the Listing Rules. 

Issuing a statement, the SEC said it considers this as an essential step in view of products that require Shariah compatibility and to satisfy the needs of Islamic investors. 

Recognizing the growing demand for Shariah Compliant Debt Securities such as Sukuk, both domestically and internationally, the SEC took a proactive step by approving an enabling regulatory framework to introduce such products on the Colombo Stock Exchange. The Accredited Shariah Scholars and compliance certification process approved by the SEC will provide credibility to the products listed on the Exchange.

 The SEC published an advertisement calling for applications from Shariah Scholars with the requisite academic / professional qualifications, work experience and other eligibility criteria and through a rigorous selection process has approved the following six persons as Accredited Shariah Scholars to serve as Supplementary Service Providers under the provisions of the SEC Act:

1.        Mr. Ibrahim Saad Yousif Abd Elaziz (based in United Arab Emirates)

2.        Mr. Shafique Ahmed Jakhura (based in South Africa)

3.        Mr. Muhammad Murshid Merza Mulaffar (based in Sri Lanka)

4.        Dr. Aishath Muneeza (based in Malaysia)

5.        Mr. Mohammed Siraj Najubudeen (based in Saudi Arabia)

6.        Dr. Suleiman Dalhatu Sani (based in Saudi Arabia)

As outlined in the published Guidelines and SEC’s directive to the CSE, issuers of Islamic capital market products seeking a listing on the CSE are required to obtain a Shariah compliance certification from any three of the Accredited Shariah Scholars. The Guidelines define the duties of a Shariah Scholar, qualifications and experience required, submission of reports and record maintenance, governance standards, conflict of interest management, and fit & proper criteria.

 The SEC believes that selecting Shariah Scholars based on a set of clearly defined eligibility criteria and setting minimum standards will help establish a better Shariah compliance governance process and build market credibility for both local and international investors.

 The SEC added that it will review and update the list of Accredited Shariah Scholars periodically. (Newswire)

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