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July 08, 2014 (LBO) - Most of Sri Lanka's listed firms were found to be complying with rules and accounting standards and many were responsive to concerns raised, a Securities and Exchange Commission official said.
Harshana Suriyapperuma, Director Corporate affairs at SEC said 80 percent of 231 out of 289 companies surveyed by the regulator in 2013 were found to be compliant with listing rules, disclosure requirements.
He was speaking at a forum on the role of independent directors.
Only 01 percent of the surveyed firms had qualified audit opinions.
Suriyapperuma said companies had to improve compliance on an accounting standard on related party transactions.
Rules on related party transactions are due to be made mandatory shortly.
SEC had written letters to 35 companies highlighting concerns and had a positive response.
Discussions had been ha with the board of directors of 8 listed firms.
Investigations were started on 08 listed companies and legal action was being contemplated in the case of three listed entities, Suriyapperuma said.
Harshana Suriyapperuma, Director Corporate affairs at SEC said 80 percent of 231 out of 289 companies surveyed by the regulator in 2013 were found to be compliant with listing rules, disclosure requirements.
He was speaking at a forum on the role of independent directors.
Only 01 percent of the surveyed firms had qualified audit opinions.
Suriyapperuma said companies had to improve compliance on an accounting standard on related party transactions.
Rules on related party transactions are due to be made mandatory shortly.
SEC had written letters to 35 companies highlighting concerns and had a positive response.
Discussions had been ha with the board of directors of 8 listed firms.
Investigations were started on 08 listed companies and legal action was being contemplated in the case of three listed entities, Suriyapperuma said.
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