Colombo Stock Exchange amends rules to go digital

COLOMBO (News1st): The Colombo Stock Exchange (CSE) has begun amending its rules to facilitate its digitizing process, the stock exchange platform said on Wednesday. Hard copy documents will be converted to an electronic form, the CSE said in a statement, citing it as the first phase of digitizing its operations. "The stock broker rules have been amended to make in mandatory for the Stock Broker firms to dispatch bought and sold notes and statements of accounts by electronic means to their clients," the statement read. It is mandatory for the Credit Default Swap (CDS) to be forwarded by e-mail to an account holder through the relevant stock broker firm, or the CDS participant, according to the revised rules. Further, listed companies have been facilitated to credit the dividend proceeds directly to the bank accounts of shareholders. All CDS account holders have been requested to provide their e-mail address, mobile number, bank account number, name of bank, and branch to the stockbroker or participant before September 10, 2020. This information can be submitted by downloading an electronic form from www.cse.lk or www.cds.lk.