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srilawsby aturio
As enacted
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Part II · Markets and Market Institutions

54. Prohibition against operating an unlicensed central depository

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

A person shall not establish, operate or maintain a central depository for handling of securities, without obtaining a licence from the Commission whether such securities are listed or not listed on an exchange.

(2)

Any person who contravenes the provisions of subsection (1), commits an offence and shall on conviction after summary trial before a Magistrate be liable to a fine not exceeding twenty five million rupees or to imprisonment for a term not exceeding five years or to both such fine and imprisonment.

(3)

Subsection (1) shall not apply to-

(a)

a central depository operated or established by the

Central Bank of Sri Lanka;

(b)

a central depository operated in respect of securities issued by the Government of Sri Lanka or the Central

Bank of Sri Lanka; or

(c)

any person providing a Central Depository for any issue of securities which have been exempted by the Commission.

Read on from s 55

Part III

Issue of Securities

Read on from Part III

Part IV

Trade In Unlisted Securities

Read on from Part IV

Part V

Market Misconduct

Read on from Part V

Part VI

Finance

Read on from Part VI

Part VII

General

Read on from Part VII