manusath-derana

Another brokering company closes down

January, 30, 2018

The management of Navara Securities (Private) Limited, functioning as a Stock Broker at the Colombo Stock Exchange has decided to adopt the Voluntary Inactivation of Business Operations.

While informing about this to its clients, Navara Securities (Private) Limited has requested tem to transfer their stock portfolios with the company to another stockbroker firm at their earliest.

Due to the market conditions that have prevailed during the past few years several brokering firms have reportedly been facing grave difficulties with several of them being unable even to maintain the necessary daily liquidity requirements.

Earlier, the Colombo Stock Exchange had decided to prohibit Nation Lanka Equities (Private) Limited from trading activities 09 October 2017.

According to a decision of the Sri Lanka Securities and Exchange Commission, six new companies were issues licenses in 2011 to function as stockbrokers and Navara Securities (Private) Limited one among them.