SRI LANKA: CSE Announces Amendments to the Listing Rules

Thursday April 25 2024

On 24^th April 2024, the Colombo Stock Exchange (CSE) published a circular announcing amendments to the listing rules following the Circular No: 02/2024 dated 15^th March 2024.

The Rule reference of Rule 9.1.4.(1) (c) (v) indicated in page 2 of the aforesaid Circular should be corrected as Rule 9.1.4(1)(d): A Director shall not be considered Independent’ if he/she is 70 years of age or above. The effective date of this Rule shall be 1^st January 2025.

Further with regard to Rule 9.1.4(3) of the CSE Listing Rules, in the event of a Listed Entity having directors who are declared as `nevertheless independent’ by the Board of Directors of the said Listed Entity, notwithstanding such directors not meeting the Independence’ criteria set out in the Listing Rules, such entity shall comply with the criteria for determining independence set out in Rule 9.8.3 of the CSE Listing Rules with effect from 01^st January 2025.

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