Mr. G.C.S. Ramanayake and Mrs. K.M. Ramanayake vs Securities and Exchange Commission of Sri Lanka – CA WRIT APPLICATION NO: 411/2023-2023

In the case between Mr. G.C.S. Ramanayake and Mrs. K.M. Ramanayake (as Petitioners) and the Securities and Exchange Commission of Sri Lanka, Colombo Stock Exchange, and LOLC Securities Limited among others (as Respondents), the Court addressed alleged unauthorized share transactions, breaches of Colombo Stock Exchange (CSE) Rules, and failures by regulatory bodies to provide relief. It was held that the petitioners’ CDS account had been subject to unauthorized broker-initiated transactions and violation of CSE Rules 3.2.1, 3.2.2, and 7.1.3.2, with irregularities evidenced in the decision-making of the CSE’s dispute resolution structures. The principle reaffirmed was that investor interests must be protected through consistent application of exchange rules and effective regulatory intervent