In the backdrop of stockbrokers and several high net worth investors/traders expecting Presidential intervention to unshackle the Colombo bourse from overregulation, a set of stockbrokers have welcomed the Securities and Exchange Commission’s efforts in regulating the capital market in the country.

In a letter sent to the SEC dated July 19, 2012, the brokerages, JB Securities, CT Smith Securities, IIFL Securities and Somerville Stockbrokers asserted that every effort must be made to adhere to international best practices, as equity markets are conduits in attracting foreign investments.

Commenting on the recent directive by the SEC further relaxing credit rules, the four brokers noted that the net capital computation formula before the July 16 directive was extremely accommodative to the current environment.