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The Securities and Exchange Commission of Sri Lanka (SEC) has extended the deadline for individuals and entities engaged in corporate finance advisory activities to obtain a licence until March 31, 2025.
The previous deadline was December 31, 2024, as announced by the SEC on June 23, 2024.
SEC Act of 2021 mandates that any person or entity providing advice on fundraising, listing requirements, financial product structuring or corporate restructuring must obtain a licence from the regulator.
The extension aims to provide sufficient time for the market participants to comply with the licensing requirements.
Failure to obtain a licence constitutes an offence under the SEC Act, punishable by a fine of up to Rs.25 million, imprisonment of up to five years or both.