6. Insertion of new sections 14A and 14B in the principal enactment

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

The following new sections are hereby inserted immediately after section 14 and shall have effect as sections 14A and 14B of the principal enactment :–

14A. (1) There shall be charged, levied and paid a cess at such rates as may be specified by the Minister by Order published in the Gazette on every purchase and sale of securities recorded in a licensed stock exchange or notified to it under its rules by both the purchaser and the seller. Different rates may be specified in respect of different classes of securities.

(2)

The cess imposed under this section shall be in addition to any other tax or cess levied under any other written law.

“Levy of cess.

Securities and Exchange Commission of Sri Lanka

14B. (1) There shall be established a fund called the Cess Fund to which shall be credited the proceeds of the cess imposed under section 14A.

(2)

There shall be paid out of the Cess Fund such sums as may be authorised by the

Commission for the purpose of —

(a)

developing the securities market ;

(b)

enhancing monies lying to the credit of the Compensation Fund established under section 38 ; and

(c)

exercising, performing and discharging the powers, duties and functions of the

Commission for the purpose of achieving its objects.

(3)

The money lying to the credit of the Cess

Fund may be invested by the Commission in such manner as may be determined by the

Commission. ”.

Read on from s 7