37. Section 46 of the principal enactment as amended by Act No. 26 of 1991 is hereby further amended as follows :-
| (1) by the repeal of subsections (1), (2) and (3) of that section and the substitution therefor of the following subsections :- |
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| "(1) The Commission may establish a Committee consisting of three members of the Commission to hear and determine:- |
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| (a) complaints by any person relating to the professional conduct or activities of a licensed stock exchange, any licensed stock broker or licensed stock dealer of such stock exchange or of any listed public company or the licensed managing company or trustee of any unit trust or a registered market intermediary; |
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| (b) complaints by any licensed stock broker or licensed stock dealer relating to the professional conduct or activities of the licensed stock exchange of which such stock broker or stock dealer is a member; |
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| (c) any matter referred to it for hearing and determination, by the Commission. |
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| (2) The Committee may on receipt of any written complaint made by any person, or a licensed stock broker or a licensed stock dealer, examine the documents and other evidence produced. if any, in support of such complaint and determine whether such licensed stock exchange, licensed stock broker or licensed stock dealer, or the listed public company or the licensed managing company or trustee of such unit trust or the registered market intermediary as the case may be, has contravened the provisions of this Act or any regulation or rule made under this Act or contravened any rule of such licensed stock exchange. No such determination shall be made without affording such licensed stock exchange, licensed stock broker, licensed stock dealer, the listed public company, such managing company or trustee or such market intel1l1ediary as the case may be, an opportunity of being heard. |
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| (3) Where the Committee determines that a licensed stock exchange, licensed stock broker, licensed stock dealer, a listed public company, licensed managing company or trustee of any unit trust or a registered market intermediary as the case may be, has contravened the provisions of this Act or any regulation or rule made under this Act or contravened any rule of such licensed stock exchange, the Committee shall recommend to the Commission the nature of the action to be taken against such licensed stock exchange, licensed stock broker, licensed stock dealer, the listed public company, managing company, trustee or the market intermediary, as the case may be. The Commission shall have the discretion either to take appropriate action to give effect to such recommendations or to refer the matter for further investigation to the appropriate authority,"; |
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| (2) by the insertion immediately after subsection (3) or that section, of the following new subsection ; |
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| "(3A) Notwithstanding the preceding provisions of this section, the Committee shall also have the power to inquire into any matter referred to it by the Commission and upon the conclusion of such inquiry recommend to the Commission the nature of the action that may be taken in relation to such matter."; and |
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| (3) in subsection (4) of that section by the substitution for the words and figures "under subsection (3),", of the words and figures "under subsection (3) or subsection (3A), as the case may be,". |
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Sri Lanka Consolidated Acts