SEC to introduce modern surveillance system

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The Government has decided to establish a modern surveillance system for the activities of the Securities and Exchange Commission of Sri Lanka (SEC).

The SEC’s surveillance system which was established in 2008 needs to be upgraded to suit the role of a facilitative regulator in the modern-day securities market.

This could be funded through the World Bank-funded Financial Sector Modernisation Project.

The surveillance system now in use was installed by Millennium IT Software (Pvt.) Ltd and the Cabinet approved the proposal presented by the Premier in his capacity as the Minister of Finance, Economic Stabilisation and National Policies to modernise the surveillance system by calling for proposals as a direct procurement from Millennium IT Software (Pvt.)Ltd.