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Sri Lanka Equity Forum » Stock Market Talk » END OF FREEDOM OF SPEECH IN CAPITAL MARKET

END OF FREEDOM OF SPEECH IN CAPITAL MARKET

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1 END OF FREEDOM OF SPEECH IN CAPITAL MARKET on Wed Feb 15, 2017 1:17 pm

Quibit

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
When ever the current government passes a new law some dangerous cluases with far reaching consequences are added so that freedom of speech and democratic rights of people are curtailed.  A classic observation is the new section on Defaming Commission members in the new SEC act that will soon be presented in the parliament. This section  will prevent anybody writing an article to a paper or even making a face book comment highlighting a market weakness. Such efforts to educate the public can be misinterpreted as defamation if the commission wants and the person can be fined Rs 1 million and  imprisoned for 6 months. For example today the Colombo Stock Exchange has become one of the worst performing stock markets in the world and Market Analysts are at least  free to discuss who is at fault. Once the new ACT is passed no one will be able to comment about it without worrying about the consequences of following section (22) in the new ACT.

Defaming members of the Commission! [22]

Any person or body of persons who-

Makes any defamatory remarks or publishes any statement with a view to brining disrepute or defaming the reputation of any member of the Commission, the Director General or any other officer of the Commission in the course of discharging the duties under the Act or under a regulation of rules under the Act is guilty of an offence and liable for a fine of one million and six months imprisonment!

Eugine Fernando


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Quibit wrote:When ever the current government passes a new law some dangerous cluases with far reaching consequences are added so that freedom of speech and democratic rights of people are curtailed.  A classic observation is the new section on Defaming Commission members in the new SEC act that will soon be presented in the parliament. This section  will prevent anybody writing an article to a paper or even making a face book comment highlighting a market weakness. Such efforts to educate the public can be misinterpreted as defamation if the commission wants and the person can be fined Rs 1 million and  imprisoned for 6 months. For example today the Colombo Stock Exchange has become one of the worst performing stock markets in the world and Market Analysts are at least  free to discuss who is at fault. Once the new ACT is passed no one will be able to comment about it without worrying about the consequences of following section (22) in the new ACT.

Defaming members of the Commission! [22]

Any person or body of persons who-

Makes any defamatory remarks or publishes any statement with a view to brining disrepute or defaming the reputation of any member of the Commission, the Director General or any other officer of the Commission in the course of discharging the duties under the Act or under a regulation of rules under the Act is guilty of an offence and liable for a fine of one million and six months imprisonment!
VERY  GOOD MOVE Very Happy

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