The Colombo Stock Brokers Association (CSBA), representing 23 stock broking companies today praised the government for the unprecedented policy initiatives proposed to develop the capital market Budget 2013.

“We, as one of the major stakeholders of the capital market of Sri Lanka are elated that the important and the urgent need to develop the capital market has been duly recognized by  the Finance Minister. The key proposals announced in the Budget impacting the capital market demonstrate the desire of the government to see a vibrant capital market in the immediate future,” a CSBA statement said.

“Introducing a 3-year 50% tax holiday for new companies to be listed at the CSE with a public float of at least 20% on or after 01/04/2013, exempting stamp duty for the transfer of shares to and from margin trading account effective from 01/01/2013 are some of the measures that will translate into improved liquidity at the Colombo bourse,” CSBA noted.

The proposal to set up a Presidential Task Force to implement a Capital Market Development Plan was also haled by the CSBA.