Sri Lanka’s CSE to rename Default Board as Watch List from 2018

Oct 17, 2017 (LBO) – Colombo Stock Exchange said it will rename the default board as ’Watch List’ with effect from January 2018 in line with the new enforcement procedures to the CSE listing rules. Securities and Exchange Commission recently directed the CSE to give effect to the enforcement procedures to be implemented on listed companies in relation to the following from January 2018.
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a) Violation of Corporate Governance Requirements; b) Late submission or non-submission of interim financial statements; c) Late submission or non-submission of annual reports; d) Incidence of modified audit opinions in the audited financial statements; and e) Incidence of an emphasis of matter on going concern in the audited financial statements The enforcement procedures in respect of modified audit opinions and emphasis of matter on going concern is to be effective for all annual reports and audited financial statements released after 01 January 2018. The CSE said it would take steps to incorporate the aforesaid enforcement procedures to the listing rules in due course.