SEC on a roll: Sanctions fund raising and shell company frameworks By Duruthu Edirimuni Chandrasekera View(s): View(s):It is indeed early Christmas for the capital market in the form of new products and frameworks giving a wide choice for investing, deviating from the same old in a bid to entice new investors. The Securities and Exchange Commission (SEC) is forging ahead with a host of initiatives as never seen before such as crowd funding for equity/ debt and giving the go ahead for Special Purpose Acquisition Company (SPAC). A SPAC is a shell company set up by investors with the sole purpose of raising money through an IPO to eventually acquire another company. He said the CDS account opening process for both foreign individuals and foreign companies are being digitised which would expedite the entry process by foreign investors to the Sri Lankan market. More than 90 per cent of the new CDS accounts have been opened via the new mobile app.

Source: Sunday Times May 02, 2021 00:54 UTC