AdaderanaBiz learns that though it has been a long time since the Securities and Exchange Commission (SEC) had granted a request by a senior official of the Sri Lanka Board of Investments for a separate board to list its investors, the BOI has been unable to do so.

The BOI has so far failed to come up with any programmes to introduce this new board to its investors, say informed sources.

A BOI official had requested the SEC to provide it with a separate board to list investors for projects coming into Sri Lanka from the day it enters so as to make these projects secure.

The SEC agreed to this request under several conditions.

These conditions are that the investments should be above USD 10 million, the main investor cannot sell 50 percent of the shares till two years and even after two years the shares should be sold only to investors meeting with certain qualifications.

Though the SEC provides a separate board to list investors the BOI bears the responsibility of finding the suitable investors.

Though permission has been granted by the SEC some time ago the BOI has failed to provide any investors for listing.

Under the prevailing system a company could be listed with the SEC only after three years of its beginning.

There are currently two boards for listing , the main board and the Dirisavi board.