Daya Gamage and son compounded by SEC

Former parliamentarian and businessman Daya Gamage and his son Chamindra Gamage have been compounded by the Securities and Exchange Commission (SEC) for the offence of market manipulation.
According to the SEC, the duo has been compounded for market manipulation in the shares of Bimputh Finance PLC during January 16 to March 20, 2014 in violation of SEC’s Rule 12.

Upon the request to compound the offences, the SEC said it decided to do so in terms of Section 51A of the then Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 upon the payment of a sum of Rs. 3.3 million by each to the Compensation Fund of the SEC within one month.
The date of compounding was October 20, 2023.
Section 51A of the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 provides parties with the option to choose compounding without an admission of liability.